Mortgage Broker or Assassin? A Banker Who Offers You This
Loan May be Trying to Kill You!
What if a banker or mortgage broker told you he's loan you 25
percent above the value of your home? You might think it sounds
great, but I sure hope you'd say no. This is a loan only the most
money-hungry and unscrupulous loan officers will sell. Few, if
any, banks will do them. There are wholesale lenders, though, who
will actually loan 125% of the value of your home.
In other words, if your home is valued at $100,000 and you
want to take as much cash as possible, these lenders will
actually loan you $125,000. Obviously, this type of loan is for
people who are desperate to get cash, usually to pay off high
credit cards or other bills. Although it might look attractive,
it's actully a Death Loan.
So, why do I call it "The Death Loan?" Easy. It kills people
financially. An honest mortgage professional will never offer
this type of loan, and if you ask about it, they should tell you
what you're about to read here. When you borrow more than your
home is worth, you set yourself up to fail. Remember, you may pay
off some debts with that extra money, but your mortgage payment
is going to skyrocket. The interest rates on these loans run
between 11% and 14% on average.
Now, the average person who takes this loan will pay off 10 or
20 thousand dollars worth of debt and feel great, for a short
time. What invariably happens next is this person has cleared
credit cards and slowly, or quickly in some cases, begins to run
them up again. You see, very few people have the discipline to
keep those balances low (remember, we're talking about a person
who took this loan, because he ran them up in the first place).
Here is where the financial death trap occurs.
The person has all that original debt, a huge mortgage
payment, and now has a house that is worth $25,000 less than his
loan amount. He can't sell, he can't refinance his mortgage, and
he can't make his monthly bills; he is probably headed for
Avoid this loan, at all costs. If a mortgage person suggests
it, I would say you didn't do enough homework in selecting this
person. Ge yourself a new mortgage professional, fast.
Mark Barnes is the author of the new novel, The League, the
first work of fiction, based on fantasy football. He is also an
investment real estate and home loan finance expert. Learn more
about his suspense thriller at http://www.sportsnovels.com Get
his free mortgage finance course at http://www.winningthemortgagegame.com
MORE RESOURCES updated Fri. October / 19 / 2018
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