Many people in the banking, mortgage, andreal estate professions have no idea about how people can own their own houses within a few years. The most knowledgable people in that industry are not working on that problem. They are working on making more money for the companies which employs them. It takes intelligent homeowners to figure it out.
Here is just one tiny example. There is something called recasting a mortgage. 9 out of 10 banking professionals have no idea what its’ all about. If they’ve even heard of it, they think it is only to be used by their clients in financial jeopardy. The only reason why they think about it is just in case they want to tell a customer how to prevent foreclosure. That is exactly why it is no big deal to them, because if they can foreclose the mortgage companies and banks can occasionally make a killing by stealing the equity. Fact is, recasting is a good tool to be used by the savvy, when times are good. The mortgage broker who has learned about it has not had occasions to see how it can really work for the benefit of the mortgagee...the reason is simple. They care the most about the benefits to the mortgagor.
Reverse escrow is a good example of how some savvy people have done well and how some other people have been sucked in by the machine once they figured out how to use it to their benefit and against their customer. I won’t get into details here, but let the borrower beware.
PMI. Escrow accounts. Ohh, lordy, great ways the mortgage company has a continuing lifelong hold over the borrower. Answer this: How much money in interest does your mortgage company pay you on the escrow they hold? Do they always pay your tax bill on time or do they send it in on the last day?
Amortization calculations and projections: Can you figure it out as good or better than the mortgage company? That is one of the many things you need to be able to do in order to get a handle on your finances.
For more information, and for some of the answers now that you are wondering about the details, it is not found in one place. It is found in a variety of places which will eventually all be roadmapped by the sites which have already begun and by several that are in development.