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- Sub prime swag: The Good, The Bad and the Ugly
Guest author: Cheryl Stone
House of Representatives has a bill to get rid of Yield Spread Premium
I came across this incredible Kill YSP blog post and you the consumer, mortgage broker, loan officer needs to know. I didn't even know what YSP stand for.
What is Yield Spread Premium ?
It is a rebate that the bank would pay and compensate the mortgage broker with. This is how mortgage brokers get their commission. In fact, I hired a mortgage broker to buy my first house. She was a lady from Quebec city. She got me a 5.5% rate something that the credit union I have been banking for 30 years could not even match. In fact she was reffered to be by my realtor, A. Piche.
Danielle, my old mortgage broker needed a way to give me a better mortgage rate, she took it out of the Yield Spread Premium. She still received her commission but the bottom line is I got an incredible 5 year rate locked in at 5.5%. My mortgage payment on a $135 000 after I put in a $29000 down payment was only $570 per month with a 25 year mortgage. my condo fees were only $219. Most people can not rent a 1 bedroom + den apartment for $789. Plus it came with an indoor olympic size pool, 8ft by 15 ft hot tub, and an outdoor pool.
If the government passes this bill this month, it would mean you and I would have to be charged for the broker's commission.
The fallout
In order to stay competitive, the mortgage broker could not gave the same favorable rates and stand up against the big banks.
The lesson
Not only would mortgage brokers, real Estate agents would have to find a new career, but it hurts you the consumer. For instance, if I own an award winning coffee shop, where I charge $1.50 for a cup of coffee, there is no star bucks in the town I live in. But there are 6 more coffee shops in my little town. If all those 5 other coffee shops goes bankrupt, I can potentially charge $10.00 for a cup of coffee, by the way in 1985, when I went to Japan, that was the price of a cup of really bad coffee. So with my coffee shop being the only one for 500 kilometers, would I still have customers forking out $10.00 for a cup of coffee.
What is your response?
Without mortgage brokers, loan officers, you and I would not be able to get a low interest rate no matter what our credit rating, income is. So, if this bill passes, it would be like lining up for 6 hours for a loaf of bread in russia. The mortgage bankers would have a monopoly and could charge whatever mortgage rate they chose to.
Source: namb.org, ActiveRain.com
- Avoid Sub Prime Loans - Mindfulness as spiralling down presense
I am sure you have heard on the news about the sub prime mortgage melt down. Before I go further, I will define
What is a subprime loan
It is a loan that is given to people with a very bad credit score. Somewhere in the below 625 range. Credit scores range from 300 to 850. So if you have a credit score below 625, and you do not offer- Income Statement Proof (verify your salary or last year income tax return)
- a large down payment on the house you want to purchase
- proof of marital status
Do Not Get Trapped Into Spiralling down To Sub Prime Melt down suffering
Things are intense for folks who got a sub prime loan with a variable rate of interest. It is not uncommon that scam artist will go to a church basement and make a presentation to people who would never qualify for a mortgage through a mortgage broker or a bank with no proof of income, no way of paying the mortgage payments to get one of these scam sub prime loans.
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- Credit report guide, Credit Bureaus: How to Dispute Credit Report Errors
- Step 1. Sign up for your free 3-in-1 Credit Report with trial! Click here!
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- Step 2. Contact the credit reporting agencies
- Step 3. Contact the information provider or creditor directly, even if it means physically going down to their office.
- Step 4. Know your rights
The ultimate how to guide to disputing credit errors
It is important to run a credit report, ideally not having to pay $15 or $20 for the equifax, experian, and transunion credit report. Click on the blue link above and you can find out immediately what your credit score is, it is absolutely free!
Access your softer, non judgemental compassionate voice within. Most people do not address the heaviness and unpleasantness of horrible feelings that come up when you are in the process of asking the information providers or creditors to remove inaccurate information. During this shift from your monkey mind to a positive mind, you will need tremendous patience, love, humor, encouragement and a I can do it attitude. If you are reading this blog post and there is someone in your life who is very negative, it may be time to take a break from being around negative people. Just like people do spring cleaning to remove the cobwebs in their house to get ready for the summer, there is nothing wrong with clearing all negative sources: negative whinny people around you, watching diaster news stories, tuning into violent films and stop all coffee chats involving gossip. You will need all your available energy to correct inaccurate and incomplete information to your credit report.
Step 1
If you have not checked your credit score lately it is time you do it, don't get traumatized by how low it is. When you see your low credit score, just witness your feelings. Do your best not to judge yourself and notice what happens when you think negatively
Get your free 3-in-1 Credit Report here!
Step 2 - Contact Equifax, Transunion and Experian
Here you will want to look at each credit report from Equifax, Transunion and Experian. Get a yellow highligher or whatever your favorite color is and circle the items that you are disputing. When you write you dispute letter, write down your name, phone number and address.
State the facts, don't go into a long personal history or details regarding your currently personal life. Be short and sweet and to the point. Tell the CRA or credit reporting agencies why you are disputing that particular item. Explain to the CRA what you want to them to delete or correct! As always, I share and advice that you please keep copies of everything you send out in your credit repair process. Send out your dispute letter certified mail
The holy grail is that once the credit bureau corrects the information, they must send you an updated free credit report showing the updated information. Once the information has been removed, the CRA can not put the error back on your credit report unless, the information provider supplies proof otherwise.
Step 3 - Contact the Subscriber or information provider
Right use of action is about the Subscriber or information provider taking responsibility for correcting erroneous and imprecise or incomplete information from your credit report. Safe guard your rights under the law by contacting b
- Step 1. Sign up for your free 3-in-1 Credit Report with trial! Click here!