How To Avoid Costly
Loan Borrower Mistakes.
Kutro empowers borrowers with tools that proactively manage the loan information and decision making processes before the loan documents are signed.
An Interactive Online Community Enabling Borrowers With A Platform To:
* Rate your Mortgage Broker's performance level and /or quality of service.
* Compare your loan cost and mortgage fees.
* Share experiences
* Communicate loan experiences with other borrowers.
Go to the blog page link "What Were Your Mortgage Broker Experiences"? and leave your comments today.
Learn from the community as well as bring your experiences and knowledge to the discussion. Every user's insight and input benefits the entire commmunity.
Here Are The Reasons The Borrowers Social Networking Community Will Benefit You:
We believe if change is to take place it has to be meaningful change indeed.
Change that is well thought out, far reaching and long lasting. A complete paradigm shift is required in the mortgage and loan industry.
Example: Usually when a mortgage loan transaction takes place, there is an imbalance of knowledge and power along with great mystic on one side of the table with the mortgage broker.
What we find on the other side of the table are borrowers who seem to work in a vacuum, where there is often very little knowledge of the entire process.
Many borrowers may feel powerless to make sound as well as rational financial decisions that will impact their lives both short term and long term.
These important decisions are made not knowing what other borrowers encountered with similar circumstances.
More importantly how where they able to navigate the entire loan process to a favorable out come with a win-win conclusion or were they also misled because no one held up the red flag to alert others.
Are borrowers receiving Full Disclosure and Fair Prices on Loan Cost and Fees?
The only sure way to know if you are receiving Full Disclosure is to remove the unknow and move from a position of disadvantage to a position of fair play.
One sure fire way to know if you received a fair deal or if the loan is suitable and affordable is to communicate with borrowers in like situations.
If this information is shared beforehand, openly and honestly, it can only help and serve to provide much needed insight in assisting borrowers make better informed financial decisions.
This is paramount in importance when you are signing for thousands and sometimes hundreds of thousands of dollars in debt that you legally promise to pay.
Be wise. Rate, Compare, Share and Communicate. Click On Blog PageToday.
Do not forget to visit our Forum Page.
Learn How to Rate Mortgage Brokers
Fact: there are an estimated 50,000 mortgage brokers in the U.S. Who are responsible for originating nearly 2/3 of all Mortgage loans for the year 2006.
Are borrowers unintentionally helping to create a stealth environment where mortgage brokers are able to work under the general public radar, covered with a cloak of secrecy?
What were your experiences using a mortgage broker or loan officer?
Go to the blog link "What Were Your Mortgage Broker Experiences?"
Learn Why Women are Prime Targets for Subprime Lending: Women are Disproportionately Represented in High-Cost Mortgage Market.
Why Some People Almost Always Loose Money As A Mortgage Loan Borrower.
Points to Consider:
Borrowers are now facing a list of pitfalls: Teaser rates, ARMs, Interest Only, YSP (Yield Spread Premium), Misleading Ads, Prepayment Penalties, ReFi hype, Negative-amortization, No-income-documentation and Overcharging of loan cost and mortgage fees.
No one considered the risk of homes not appreciating in value thus preventing re-financing of adjustable rate mortgages due to low or no equity.
Should borrowers be concerned and ask the question that when Mortgage Cost and Fees are analyzed reflecting : broker to broker, loan to loan ,Regions (North, South, East and West), States, City and Zip Codes; what are the comparisons, correlations and variances?
Example-1: Borrower-X lives in Little Rock, AR obtains Mortgage loan for $150,000 with a closing cost of $5,500
Borrower-Y lives in Toledo, Ohio obtains Mortgage loan with identical loan type and circumstances for $150,000 with a closing cost of $3,500
A difference of $2,000 indicates OverCharging
How did this happen? Who is responsible ? Mortgage Broker Fees, Third Party Fees, Application Fees and don't forget the surprise last minute fees that were added when you were not looking. Fees, Fees that you never bother to question. Did we tell anyone? Did we warn the other borrowers? Did we raise the red flag?
Example-2: Suitable and Affordable loans, now this is a pure power play on the weak hand (borrower) by the strong hand (mortgage broker). The brokers are only able to pull this off we suspect, because the Mortgage Industry is a closed specialized industry. We tend to leave things to the professionals as with Doctors and Lawyers. We should use this online community to become aware of the danger signs, tricks, and commom pitfalls.
Suitable and Affordable vs Unsuitable and Unaffordable for the sake of this example can be said to include two types of borrowers and loan seekers:
1.) Motive and 2.) Misled
Motive: considers? cost, financial goals, short term, long term, greed , desires , lifestyle and employment factors along with current financial status etc...
Misled: fell victim to an onslaught of mass marketing campaigns from the 50,000 brokers across the U.S. pumping out loans that weak hands did not understand and in many cases they probably would not have taken, only if the sales pitch didn't sound like money raining down from the sky.
How do we prevent this type of debacle from ever happening again? It's simple. Create a level playing field. Network and Communicate start a grassroot Borrowers Social Networking Community online here Today.
Solutions:
1. Full disclosure of mortgage info. by ( Region , State , City and Zip codes )
2. Rate Mortgage Broker: performance level and quality of service (Blog)
3. Compare Mortgage Cost and Fees with other borrowers
4. Share and Communicate loan experiences with other borrowers
5. Help to build a Borrower's Social Networking Community were everyone benefits. There is safety in numbers along with valuable insight. Talk about it, consider the risk factors and gain information from the community before you sign the loan agreement.
6. Reward only the good , honest, responsible and fair Mortgage Brokers that have your best interest at heart. This is the job of the Borrower in the loan market place.
7. Create, Monitor, Track and Publish: Borrower Satisfaction Index (BSI) this will be used as a statistical measuring quality tool for all Mortgage Brokers.
8. Use Community Concept and System to Stop Predatory Subprime Lending
9. Brokers should invite borrowers to share and communicate loan suitability and affordability concerns in the Kutro online community this can be an unbiased source of information to help in the decision making process as well as accessing the risk factors.
10. Users will learn how to avoid costly loan borrowering mistakes by tapping into the community resource relying on unbias information and communication. Kutro the loan borrower's social networking solution for solving problems.
Rate - Compare - Share - Communicate.....Today
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