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Truth In Mortgages What you don’t know can hurt you! Mike Mueller Sr. Loan Officer / Manager

Truth In Mortgages What you don’t know can hurt you! Mike Mueller Sr. Loan Officer / Manager. Managing Your Mortgage: “Truth in Mortgages”. How “ they ” lie to you Why “ they ” lie to you What you need to know How to protect yourself in the future. How “ they ” lie to you.

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Truth In Mortgages What you don’t know can hurt you! Mike Mueller Sr. Loan Officer / Manager

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  1. Truth In Mortgages What you don’t know canhurt you! Mike Mueller Sr. Loan Officer / Manager PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  2. Managing Your Mortgage: “Truth in Mortgages” • How “they” lie to you • Why “they” lie to you • What you need to know • How to protect yourself in the future PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  3. How “they” lie to you • The “Good Faith Estimate” • The “Truth in Lending” • Bait and Switch Tactics • Locks and Loans PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  4. “The Good Faith Estimate” • Required by the Feds under RESPA • Within 3 days of application • Contains the fees of up to 17 different outside parties • It doesn’t have to be correct ! PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  5. “The Good Faith Estimate” N.R.C.C. Pre Paids PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  6. Details of the Transaction PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  7. PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  8. 4 out of 30 PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  9. Interest Insurance Taxes PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  10. “The Truth in Lending Statement” • Once again, required by the Feds • Sometimes called the Reg. Z • Contains the A.P.R. • It doesn’t have to be correct either! PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  11. “The Truth in Lending Statement” ? 6.75 6.93 PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  12. “The Truth in Lending Statement” 6.75 6.93 PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  13. “The Truth in Lending Statement” Computing APR is easy • The loan value (L/A, or FV) • The term (n) • The interest (i) • Solve for PMT • Then subtract costs from L/A • Solve for interest PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  14. “The Truth in Lending Statement” LA = Loan Amount ($400,000) n = Term (30 years) i = Interest Rate (6.75%) Solve for Payment =$2,594 Subtract the costs of 8,409 from the original $400,000 and enter that into L/A Solve for Interest = 6.96 % PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  15. “The Truth in Lending Statement” 6.96% doesn’t equal 6.93% Costs and Fees PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  16. Valuable Resources • Trusted Advisors and Professionals • PatagoniaFinance.com • “Mike’s Mortgage Minute” PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  17. Valuable Resources Mike’s Mortgage Minute PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  18. Valuable Resources Mike’s Mortgage Minute PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  19. Valuable Resources Mike’s Mortgage Minute PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  20. Valuable Resources Mike’s Mortgage Minute PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  21. Valuable Resources Mike’s Mortgage Minute PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

  22. Contact Us Mike Mueller Mike@PatagoniaFinance.com Mike@BayAreaLoanSource.com 925 288-9977 PatagoniaFinance.com 925 288-9977 DRE # 01430291 - Dept. of Corp. # 6052769

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