SHOULD YOU TRUST YOUR MORTGAGE LENDER TO PROCESS YOUR LOAN ACCURATELY???

 "NO"

 

If you have an Adjustable Rate Mortgage, there is a 47.5% probability you are due a refund of $1,500; 21% of refunds will range from $3,500 to over $10,000; 13% of refunds will be in excess of $10,000." 

"There is a 75% probability you are due a refund if you have a Home Equity Loan"

Are there any warning signs that MY MORTGAGE may contain errors?

"YES"

These signs include:

  • Your mortgage loan has been transferred or sold
  • Your mortgage loan has an escrow or impound account
  • You have an Adjustable Rate Mortgage
  • You have ever made principal pre-payments
  • You are paying Private Mortgage Insurance (PMI)

WHO'S WATCHING YOUR MORTGAGE?

Your largest investment…is probably your home mortgage. The largest investment most people make is their home mortgage, but after it is made, it is usually put in a file and forgotten. When was the last time you looked at your mortgage? You’re not alone…it’s pretty dull reading.

To allow you, the homeowner, the opportunity to review the consequences of past circumstances that influences the high probability of potential overcharges on your mortgage, go to News Articles. 

MORTGAGES

Having property and owning one's own home have always been key components of the "AMERICAN DREAM." However, considering the cost of a home, relative to an individual's annual earnings, the purchase of a home is a major decision and involves a long term commitment. Obviously, very few would be willing to do so. As a consequence, some type of financing plan is required. As a result, mortgages have also become a necessary component of the "American Dream."

 

FIXED RATE MORTGAGES

As the name implies, Fixed Rate Mortgages have a specified interest rate over the entire term of the loan. The borrower knows the exact amount he has to pay each month and can plan accordingly. There may, however, be periodic variations in payment amount to impound or escrow accounts associated with the loan, and this can cause minor fluctuations in the total monthly payment amount.

ADJUSTABLE RATE MORTGAGES (A.R.M.S)

The introduction of the Adjustable Rate Mortgage (A.R.M.) was a consequence of a changeable and uncertain economic environment. Mortgage lenders were seeking a financial instrument that would allow borrowers to share some of the financial risks involved with long term lending.

Unlike a Fixed Rate Mortgage, the A.R.M. interest rate can fluctuate, and consequently, the borrower's mortgage payments can increase or decrease over the life of the loan. The interest rate charged on an A.R.M. is keyed to a predetermined index. The selected index mirrors changes in the general movement of interest increases, then the interest rate on the loan increases. Consequently, the borrower's monthly mortgage payments increase. The opposite effect is also possible. If the index decreases, the interest rate of the loan decreases, and the monthly mortgage payments decrease.

A.R.M.s offer borrower's two major benefits, First, if interest rates remain fixed or move lower, the adjustable rate loan could prove more economical for the borrower in the long-run. Second, lenders usually charge a discounted rate, which lowers the initial interest rate on the adjustable loan. Since the amount of the loan is determined on current income and first year payments, many borrowers can qualify for a larger loan.

There are also disadvantages to A.R.M.s. Borrowers assume the risk of potential interest rate increases and higher monthly mortgage payments. A.R.M.s, because of their nature, are occasionally subject to Negative Amortization., a situation where the limits on the monthly payment increases can prevent the mortgage payments from totally paying the monthly interest costs of the loan. In that situation, unpaid interest is added to the unpaid principal balance! With most mortgages, each payment will decrease the principal balance, eventually paying off the loan. In a situation of Negative Amortization, the unpaid principal balance actually increases, rather than continuing to decrease.

"Due to the complexity of A.R.M.s, homeowners should be very concerned about the possibility of overcharges. How do you know if the mortgage company is adjusting you interest rate correctly?"

"If your mortgage loan has been transferred or sold by your original mortgage company, how do you know if the annual statements you receive from the new mortgage company are correct?"

For further analysis of the working components of A.R.M.s, Click Here.

 

HOW DO I PROTECT MYSELF???

                                                                                                          

What can you, as a Homeowner, do to achieve peace of mind concerning possible errors and overcharges on your mortgage?

Mortgage Auditing Service offers you, the Homeowner, the Homeowner Services Information Package to allow you to WATCH YOUR MORTGAGE......NO ONE ELSE IS WATCHING IT FOR YOU!!!

The Homeowner Services Information Package is designed to allow you, the homeowner, to acquire peace of mind by determining if your mortgage company has, and continues, to overcharge you and how to protect yourself. Remember, no one else is watching your mortgage for you.

"CERTAINLY NOT YOUR MORTGAGE COMPANY"

                                                                                                                                                              

Homeowner Services Information Package provides you with everything you need to PROTECT YOURSELF.

1.    Amortization Software (this is the heart of Homeowner Services).

  • This software is designed to accommodate each individual's mortgage loan situation.

  • Includes amortization adjustments for Pre-Payments - Fixed Rate Mortgages -

          Adjustable Rate Mortgages.

 

  • Allows homeowner to print out the amortization report for safekeeping as each transaction may create a change in the homeowner's outstanding principal balance.

  • This software will allow you, the homeowner, to calculate what should have happened, then acquire the necessary information from your mortgage company to determine what did happen. 

  • A comparison of the two reports will indicate to you, the homeowner, how much you may have been overcharged by your mortgage company.

 

 2.    Adjustable Rate Mortgages

  • Index/Interest Rate Worksheet for calculating previous, as well as new mortgage payments.
  • Includes instructions in utilizing key elements of homeowner's original loan documents.
  • Sample letters to be used in acquiring necessary information from your mortgage company.
  • Web site location indicating required Index for each past adjustment period as stipulated in homeowner's loan documents.
  • Sample "Error In Overcharge" letter requesting mortgage company review information submitted by homeowner indicating overcharges and requesting a refund or credit applied to outstanding principal.

 

    3.    Private Mortgage Insurance

  • Instructions in determining if your Loan To Value Ratio is equal to 80% or less.
  • Sample letters to request homeowner's Private Mortgage Insurance be terminated.

 

4.    Principal Prepayments

  • Amortization Software allows homeowner to adjust the loan amortization to indicate each principal prepayment and the effect on homeowner's outstanding principal balance.
  • Sample letters to request homeowner's outstanding mortgage loan be corrected to actual.

 

    5.    Escrow Account

  • Instructions in acquiring your end of the year property tax statement and homeowner's insurance premiums on renewal allowing you, the homeowner, to determine if your mortgage company is maintaining excessive escrow balances. 

  • Sample letters to request an accounting of your escrow account.

 

The complete and valuable information available in this Homeowner Services Information Package will allow you, the homeowner, peace of mind to determine if your mortgage company is overcharging you. 

Homeowner Services Information Package offers piece of mind for the low price of only $29.00.

                                                                                                                                                            

IMPORTANT UPDATE

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P.S. If you don't claim a copy of Homeowner Services Information Package, you will never know if your mortgage company is overcharging you. You will continue on the same path and your potential overcharges will continue to escalate.

Mortgage Auditing Service offers a 90 day satisfaction guarantee.

 

Property Referrals Incorporated

609 South Rivershire Drive

Conroe, Texas 77304-2736

support@auditmortgage.com

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