INFORMATION

http://rcxloan.com/Information.htm

“A good name is more desirable than great riches; to be esteemed is better than silver or gold.” - Proverb 22:1

Thanks & Praise be unto The Lord for the wisdom, knowledge and understanding on legal matter because I received countless feedbacks from folks facing foreclosure and bankruptcy around the United States as follows:

Comments: "I have been inundated with TILA questions. So I went out hunting to see if anyone had already written about it in terms that a lay person might be able to understand. What I found is shown below. I believe it to be generally correct and the citations are good citations of law. See this site for the entire write-up. It should give most lay people an idea on how to handle this and it will be valuable to your lawyer if he/she is not totally familiar with the TILA context at the following link:" http://rcxloan.com/Civil_Action_BK_Motion_14.htm. Statement made by Attorney at Law, Neil F. Garfield, M.B.A., J.D.

Download in PDF - Banking Default Letter/Motion for Violation of Truth-In-Lending Act (TILA)
The process of getting a mortgage is not only mentally taxing but can be very emotional as well. You want to cover all your bases but you’re committing to a property and a loan that you have to live with for some time. We are here to make your journey easier. You are welcome to learn at your convenience from all of our online reading materials but don’t forget that we are available to answer any question that you have about your mortgage search. You can reach us anytime at Contact Us.

We’ve put together this collection of online articles to help explain everything from the basics to some interesting and advanced topics.

The Anatomy of a Mortgage
A mortgage payment consists of PITI
P – Principal - The original amount of the money borrowed from a lender.
I – Interest - A fee charged for borrowing money.
T – Taxes - Property taxes paid to your local government.
I – Insurance – Home owners insurance on your property.

Mortgages Choices

Fixed – Fixed mortgages have a fixed term (like 15 or 30 years) and a fixed interest rate. The interest rate and term are fixed over the course of the mortgage and your monthly payment for the payment of principal and interest will not change during the term of the mortgage. Taxes and insurance can change so this may affect your total payment during the life of your loan.

Adjustable – An ARM (Adjustable Rate Mortgage) has an interest rate that will be adjusted up or down according to current interest rate levels. The monthly amount for your principal and interest payment will go up or down based on these interest rate changes.

The Down Payment
Many people believe that they need to put down 10 percent or even 20 percent for their down payment and that’s no longer true. There are many lenders that have loan programs that require 5 percent or less, including zero down. Way back when, the only zero down loans were from the Veterans Administration but fortunately those days are gone. If you think that you have to pay rent until you save up a 10 or 20 percent down payment, check with us. You’ll be pleasantly surprised.

Prequalification
The next step is preapproval which verifies your income, debt and credit. Preapproval gives you the following benefits:

Knowing exactly what you can borrow. You will have an accurate commitment from your lender for the amount you can borrow. Credit problem solving. You will know now, instead of while your offer is being evaluated by the buyer if you have any credit issues to be dealt with.

Stronger negotiating position. Sellers love preapproved buyers. They know your offer will not fall through and will treat you like the proverbial bird in the hand. This can help you negotiate a better price.

I can be reached for a FREE consultation at (cell) 617-202-8069 or (703) 584-5998,



it's FREE, there is no obligation whatsover...! Sincerely, Pierre R. Augustin, MPA, MBA

P.S. - What 3 friends do you know who would benefit from FREE Expert Loan Counsel...!
1. Call and Speak with a Consultant, 1-617-202-8069, it's FREE!