Posted on April 5, 2010 18:45 by
Sam Li
A mortgage that can be transferred from the seller of a property to its buyer with no change in the mortgage’s terms, provided the lender agrees and the buyer meets certain criteria. An assumable mortgage can make a property more attractive if interest rates have risen, as the buyer’s payments will be at the original rate. Assuming a mortgage can be quicker than securing a new one, but buyers may be charged an assumption fee.
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Posted on March 20, 2010 10:06 by
Sam Li
Last week a message appears on my dashboard showing “Service engine soon”. I brought my car to the dealership to fix it. They replaced “ignition coil” and charged me ~ $230. I drive out from the dealership, 2 hours later the same message appears once again. This time I decided to get to the bottom of the problem, so I spent couple hours on the internet researching and guess what, they fixed the wrong thing! The actual problem was “head gasket”! So I go next day to the dealership, they argued with me for 1 hour that it isn’t “head gasket” and that I’m not qualified even to state thing like that. At the end I was able to convince them to do the test for a “head gasket”, next day I got a call from the service guy the test showed problems with “HEAD GASKET”!
Conclusions:
1. I probably not going to buy Nissan again for a long time(tbd) unless something extraordinary happens
2. Viva la Internet!
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Posted on February 28, 2010 08:46 by
Sam Li
Quite often we can hear credit officers will use the term pre-qualified. But exactly that means?
Pre-qualification is the first step in the mortgage application process, in which the lender takes into account basic information about a borrower’s financial standing, including his or her income, assets, and debts, in order to approximate a loan amount the borrower might qualify for. It’s important to note that the amount is not guaranteed for approval, since the figure established by the pre-qualification process is based on unverified information provided by the borrower.
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Posted on February 1, 2010 18:57 by
Sam Li
How long it will take to pay off your mortgage, based on your current payment amount, interest rate and payment frequency, in most of the cases presented in months.
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Posted on February 1, 2010 18:54 by
Sam Li
A mortgage with a down payment of 20% or more of the value of the property.
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