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Keyword: financingschemes

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  • Ten Things Your Lender Won't Tell You

    10/29/2005 12:47:56 PM PDT · by ex-Texan · 17 replies · 4,124+ views
    SmartMoney.com ^ | 10/27/2005 | Anne Kadet
    1. "Our bonuses are really kickbacks."Michael Moskowitz doesn't mince words. "It's the mother of all potential snookering," says the president of New York-based mortgage lender Equity Now, "and it's a game being played on even the most sophisticated consumers." The name of the game is yield spread premiums — and homebuyers often end up the losers. In some circumstances, these premiums are legal, and even helpful: the lender will help you pay closing costs such as the broker's fee; in return, you agree to a higher interest rate over the life of the loan. But things can get a bit...