Dennis Estrada asked:




The Mortgage Rebate is negative points that are due to the buyer. The discount points are upfront fee to lower the interest rate. The discount points are paid by buyer, while negative points are paid to the buyer. Each point equals one percent.

This entices the buyer to buy a home. Since the buyer pays huge cost to buy a home, the buyer loves the Mortgage Rebate. Mortgage Rebate can offset the down payment, and closing costs.

For example, the home is for sale for $300,000. The buyer agent offers 1 negative point to the buyer. The buyer receives $3,000.

Traditionally, the seller pays five or six percent commission to the seller agent and buyer agent. The seller and buyer agent splits the five or six percent commission. For example, the home is for sale for $300,000. The seller pays $18,000 commission on six percent ($300,000 price x six percent). The seller and buyer agent gets $9,000 each for commission ($18,000 total commission / 2).

On a 1 negative points, the buyer gets $3,000 ($300,000 price x 1 percent). So, the buyer agent takes home a $6,000 commission ($9,000 buyer commission – $3,000 Mortgage Rebate) after buyer agent gives the Mortgage Rebate to the buyer.

The mortgage lenders may advertise like 6% interest rate with 1 discount point, 6.25% interest rate with 0 discount points, 6.50% interest rate with 1 negative point, 6.75% interest rate with 2 negative points, or 7% interest rate with 3 negative points. The negative points are Mortgage Rebate. As the buyer receives higher negative points, the interest rate is usually higher.

Another form of Mortgage Rebate is fixed amount. For example, the buyer receives $1,000, $2,000, $3,000, or $4,000 Fixed Amount Mortgage Rebate. It can also be in the form of gift certificate. Some form of Mortgage Rebate is a credit to the costs of buying a home.

As the buyers rejoice on Mortgage Rebate, some lobbyists wants to ban the Mortgage Rebate. Fortunately, the Mortgage Rebate is still legal on the Sunshine State more commonly known as Florida. Kentucky also allows the use of Mortgage Rebate.

However, the state of Alaska, New Jersey, Kansas, Oklahoma, Rhode Island, Louisiana, South Carolina, Mississippi, West Virginia, and Missouri bans Mortgage Rebate. For Alabama, South Dakota, Oregon, and Tennessee, the Mortgage Rebates are only credits to closing costs.

When you are shopping for Mortgage Rebate, you should check if the Mortgage Rebate is ban in your state. The best Mortgage Rebate can cover the whole closing costs.

Melanie

ObaMao asked:


Anyone looking closely at the Sandler’s dealings just prior to the sale of their World Savings to Wachovia can see an irregular pattern of sudden selling of mortgages to a significant amount of people who clearly could not afford them:

http://www.cbsnews.com/stories/2009/02/13/60minutes/main4801309.shtml

The sale netted the Sandlers $2.3 Billion and led to a complete collapse of Wachovia, once the poor mortgages that the Sandlers improperly made became delinquent, shortly after the sale.

What are the chances that BARACK OBAMA and ERIC HOLDER will properly investigate this, given the SANDLER’s status as Sugar Daddies of the Democratic Party!???

http://www.pittsburghlive.com/x/pittsburghtrib/opinion/columnists/s_612742.html

http://emac.blogs.foxbusiness.com/2009/02/13/inside-the-head-of-a-bank-ceo/

Pauline

libs can’t take criticism asked:


I can walk away from my credit card debts, car loans, Hospital bills, utility payments and other debits? How stupid is ACORN
Acorn National Spokeswoman was just on Fox news saying ‘Not to pay if you can’t afford it, just stay there and do “civil disobedience sit in” even if it means going to jail”.

Sandra

Bopped asked:


Seem like raising the caps on federally insurable mortgages and having the various gov’t underwriting agencies purchase unvetted portfolios of mortgages effectively nationalizes the home mortage industry. SInce I am reading that there may be $2 trillion of bad loans out there, I suspect that means we as taxpayers will then be on the hook for that much in bad loans. Why do I think we are seeing another Savings and Loan Scandal? I sure hope I am wrong.

Arlene

Naturescent asked:


http://news.yahoo.com/s/afp/20080923/ts_afp/usfinancebanking_080923173430;_ylt=Auq1ewPnGOj_xfF4_zbBLBrqxQcB

Do they think we just woke up in a cabbage patch or what? Isn’t this just bankers trying to take advantage of people by giving them loans at such high interest rates that they end up losing their homes to the banker so the banker then owns the home? And now they want the tax payers to pick up the tab because of their bad business choices since they can’t sell them for a profit like they intended?
FBI said to probe Fannie, Freddie, Lehman, AIG

http://news.yahoo.com/s/nm/20080924/ts_nm/us_financial_bailout_fbi_news;_ylt=Ap9cleusQxYUvvp3sh7JgSus0NUE

Why aren’t the corporate officers, presidents and owners coughing up the bucks themselves? Don’t you think they are just a little greedy while they sit with their millions while begging for a handout?

Shane