Profile picture for Rob Cochems

Rob Cochems

Lender

Mortgage Lender (17 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Loans to business entities

Advice

  • (3483 Contributions,
  • 18 Best Answers,
  • 609 Helpful)

Contributions are sorted newest to oldest.

So tell me about loan Audits?

Answer

It is fantastic.Just for the luxury of receiving an audit from Washington state, you get the great honor of paying for their airfare to come and catch up on old times.

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Anyone know of a good investigative reporter?

So my final deal here and the bank will not subordinate to a guy on a rate term refi, where the borrower is saving over $500.  They want them to pay off the line, which if done through the loan, kills the deal.  And he does not have 75k stashed away in his mattress.Might as well get some reporter on this, should get them headlines.

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There is hope!

Response

Geoff I cannot believe you admitted this to everyone, balls bro balls!

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Don't get stuck with the mortgage!

Response

Did you hear Obama's speech today?He announced: "I have good news and bad news. The good news is, we have enough money to pay for our new stimulus program. The bad news is, it's still out there in your pockets."

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Don't get stuck with the mortgage!

An 8 year old boy asks his daddy for a bike. Dad says "I can't afford a new bike right now, I got an $80,000 mortgage". The son sulked off disappointed. The following day when mom and dad returned home from work the son was on the front porch with his suitcase packed and said "I'm out of here!" . The father asked "What do you mean your out of here?" The son replied,"Yeah, I heard you two last night. Dad said he was pulling out, Mom said she was coming too. And I'll be damned if I gonna get stuck here with no bike and an $80,000 mortgage!"

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What is the difference between Interest rate and APR on refinance loan?

Answer

The interest rate, is the actual rate of interest you will be paying on the money borrowed.  The APR is designed to reflect the total costs of borrowing.  The APR takes into affect your rate and certain costs associated with the loan, i.e. origination fees, processing fees so forth.In comparing loan quotes I would be more concerned with comparing the interest rate and total closing costs with each lender.

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