About the Author

authorI was an Account Executive with a wholesale mortgage lender in Los Angeles, who saw the good times and the very bad.

But after several grueling, monotonous years in the industry, something occurred to me…I knew a lot about mortgage.

So I’ve decided to share my knowledge and experience with the public because I’ve learned so much about the process, and I know I can provide some valuable mortgage advice that you likely won’t hear from other interested parties, namely banks, lenders, loan officers, mortgage brokers, and real estate agents. You know who you are…

If nothing else, whenever I buy property, I’ll have an arsenal of knowledge and helpful information at my fingertips to ensure I snag the lowest interest rate with the fewest fees.

And not only for me, but for family and friends. Of course, none of them bother to visit the site, but you get my point.

My goal in creating this blog is to provide an honest, inside view of the mortgage industry, and to explain the process of qualifying and obtaining a mortgage in the most straightforward and effective manner possible.

There are so many aspects of the loan process that consumers don’t understand, seemingly basic things that can affect your mortgage rate substantially, costing you thousands each year.

And they can be resolved with minor solutions, often just by reading blogs like this.

So go ahead, browse the site and educate yourself. Because in this industry, knowledge equals savings. Big savings!

Colin Robertson



  1. Joe Santana September 29, 2014 at 12:10 pm -

    I’ve read I’m in the process of procuring a refinance and came upon your website. I have read many of your informative topics. I want to thank you for the effort you have put on developing the website. As a consumer, this is invaluable information to have.
    Many thanks


  2. Colin Robertson September 29, 2014 at 6:57 pm -

    You are welcome Joe! Glad you found the site helpful and appreciate the kind words!

  3. Linda October 17, 2014 at 3:03 pm -

    Mr. Robertson,

    I’m new at this page I found about the truth in mortgage. I quite understand of what your putting out there for the customers that’s looking to buy or refinance. Well I’m trying to refinance, over two and half years now I was approved from the DOJ vs BOA for mortgage mishaps. BOA gave me a modification with a 2% ARM. I want to do a refinance with fix rate so that my mortgage payments stay the same. It’s been changed twice from high to low, but my income is low and I have low score. I really need to get out of this mess, what can I do my son helps me with the bills. He receives SSI and I SSDI.

  4. Colin Robertson October 17, 2014 at 3:12 pm -


    A 2% ARM doesn’t sound too bad, but if rates rise it could be a problem for you in the future. They probably gave you an ARM because it was cheaper and more “affordable” as a modification. And it might be fixed for the first five years, so check your paperwork. If you want to switch to a fixed loan, you could contact a mortgage broker who can determine what your options are with a wide range of banks based on your limited income and credit score, instead of just going to one bank. In the meantime you should also work on improving your credit score, as that could help with qualifying. Good luck!

  5. Joe November 7, 2014 at 6:01 pm -


    Things worked out in our favor and we ended getting approval for the re-finance, as it turned out. In any event the use of the information on your web helped me to be more aware of some of the issues which stood as a challenge. Thanks again,

    Joe Santana

  6. Colin Robertson November 8, 2014 at 12:57 pm -

    No problem Joe, glad you got approved!

  7. bo November 19, 2014 at 10:01 am -

    Mr Robertson,
    I am in the process of purchasing a house. I have been told by my lender that I have to have PMI. My loan is for 36k the house was appraised at 52k and I am putting 5% down/1800, I have 17,800 in equity. Why do I need PMI if my loan to value is greater than 20%? I am 19 and I have a good job(55k yr) and my credit score is 775. Is there another reason I would need PMI?

  8. Colin Robertson November 19, 2014 at 12:29 pm -


    If the purchase price is $36,000, and you’re only putting down $1,800, your loan-to-value (LTV) is 95%, hence the need for PMI. It doesn’t matter if the house appraises for more. Lenders use the lower of the appraised value or the sales price to determine LTV.

  9. bo November 20, 2014 at 5:47 am -

    Mr Robertson,

    Thank you for the clarification.


  10. Samonte Family February 4, 2015 at 4:24 pm -

    Hi Colin,

    first of all thank you for this information. do u have anytips for first time home buyer.

  11. Colin Robertson February 4, 2015 at 4:39 pm -

    No problem. Yes, there’s an entire page dedicated to first-time buyers…


  12. Char February 4, 2015 at 5:37 pm -

    You are knowledgable, funny, good looking! Thank you for using your powers for good! So, so very helpful – much appreciated, Mr. Robertson. :-))

  13. Brian Reiss March 5, 2015 at 3:50 pm -

    Hi Mr. Robertson,
    Great website you have here. I am looking for information regarding my 7/1ARM..As I look over my documents, my interest rate is at 3.50% and will not adjust until September 2018..The interest portion of my loan, however, is scheduled to be paid off in 2 months…My question is with the interest paid off, what will happen in September 2018? Or do you know where I could go to find this information out?
    Thanks in advance,
    Brian Reiss

  14. Colin Robertson March 5, 2015 at 5:13 pm -


    Do you mean the loan won’t allow for interest-only payments in two months? I’m confused. Your loan docs should specify what will happen once the loan becomes adjustable, including the margin and associated index to come up with the fully indexed rate come 2018.

  15. Linda April 21, 2015 at 11:49 am -

    I have a question:

    I only receive SSA and pension income monthly, so I applied for a refinance with cash out. But I was turned down because of insufficient income. So I tried for an equity home loan, was also turned down because of my credit score of 657. What can I do I need my roof repaired.

    ” HELP”!!!!!!!!!!!!!!!!!!

  16. Colin Robertson April 21, 2015 at 12:44 pm -

    Hi Linda,

    You can try shopping around with more lenders/brokers to see if you can qualify. Or potentially reduce the loan amount if you are close to the DTI cutoff, or consider a portfolio lender if you can’t qualify via Fannie/Freddie. Good luck!

  17. Denisse June 17, 2015 at 3:01 pm -

    Hello Colin I have a ? I am applying for a loan to buy a home directly from my parents the appraiser valued the home higher then when they purchased the home they are selling it to me at the price they got it at.The lender came back saying we needed to raise the sell price to even out the loan and the gift of equity can you explain this please.

  18. Colin Robertson June 18, 2015 at 10:56 am -


    They may need to raise the purchase price to get the required down payment necessary to fit guidelines. Ask them for clarification.

  19. Ron Whitehurst July 5, 2015 at 1:49 pm -

    Hi Colin: I’m a usually frustrated Realtor (Residential Home Buyer Representative) with Loan/Mortgage Officers.

    No matter how much lead-time I give the mortgage officer on a Closing Date; the mortgage officer is late with the final approval and of sending the closing package to the Closing Company.

    Can you give me any tips on insuring a reasonable date that they will be done with their part? ….And is there a way to penalize a mortgage company if they are late without a reasonable explanation?

    I did not see any help in the upcoming HUD-1 changes.

  20. Colin Robertson July 7, 2015 at 11:56 am -


    I think the mortgage industry will always be riddled with problems and missed deadlines. I have no solution for that. Perhaps adjusting expectations is a better approach.

  21. Sara July 31, 2015 at 3:12 pm -

    I have a 5/1 30 year mortgage with Chase. At closing in May, I prepaid my interest through June, with the first payment due July 1.

    I paid the first payment June 15, as soon as Chase had everything set up in their system and I could see it online.

    Since then, I have made several extra principle payments. (My monthly payment is about $890 and I pay about 2k+ a month.)

    Chase has not reduced the distribution amounts regarding the interest and the principle, despite the extra “principle only” payments.

    Chase is still treating the loan (applying the payments) as though it were a 30 year fixed loan.

    Shouldn’t Chase be adjusting the distribution based on the principle balance, once a month? That is what my two previous lenders did. My monthly payment stayed the same, it was just applied differently.

  22. Colin Robertson August 2, 2015 at 12:23 pm -


    Extra payments go toward the principal balance but the monthly payment stays the same…the loan is just paid off in less time (less than 30 years).

  23. Sara August 3, 2015 at 6:10 pm -

    Thank you. I do understand that part.

    The amount of interest paid each month should be less (some, not much, but still SOME) if I am making extra principle payments each month, even though the monthly payment stays the same.

    Chase is still collecting regular payment and distributing the payment as through it were a 30 year fixed loan. It’s ignoring the fact that I am paying a lot of extra principle each month.

    Shouldn’t they be changing the amount of interest each month be less than the 30 year fixed loan because I am paying a lot of extra on the principe each and every month?

  24. Colin Robertson August 3, 2015 at 11:16 pm -


    More of each payment should be going toward principal each month with a lower outstanding balance. Make sure they are allocating it properly and not just holding it somewhere.

  25. Bryan August 14, 2015 at 9:14 am -

    My home has been on the market for 6 months. I have favorable 3.5% mortgage but still owe 80% of value. Can I sell the home on some sort of contract that allows me to carry new owner and continue to make my current mortgage payments? If so, what is market for minimum I should require down and carry interest rate?

  26. Karen October 2, 2015 at 8:00 am -

    We just refinanced for 15 year mortgage but we want to be debt free in 8 years! On our Amortization Schedule, if when I pay the 1st payment and add the principal portion of the last payment(180)…and continue 2nd payment add principal portion of payment 179 and do this every month then the mortgage would be paid off in 7 years and 6 months! Is this correct!

  27. Rich October 6, 2015 at 12:58 pm -

    My father passed away a year ago 10/31/2014. The family home was willed to me and my two brothers. The younger brother is obtaining a mortgage to buy out my older brother and I. After numerous delays over the last year, we were supposed to close today on what the attorney said is being considered a refinance mortgage. So we would have to wait three business days for rescission. I do not understand if there is such a law, why there is not a law that allows the interested parties to sign or agree to waive this issue, especially as this is between brothers. Also the attorney is being very arrogant and condescending. Now we get told that the bank failed to email him the package, after my older brother and I signed all of the paper work. Will we have to re-sign or will the younger brother, purchaser of the home be the only one to have to sign and will that further delay the issuance of the funds?

  28. Colin Robertson October 7, 2015 at 11:14 am -


    The RoR is a standard clause on refinances; it can be waived with certain extenuating circumstances but it’s very hard to waive and lenders don’t like to waive it because if something happens they can get into trouble. I get that the process can be annoying and bureaucratic but it sounds like you’re almost to the finish line. GL.

  29. Colin Robertson October 7, 2015 at 12:29 pm -


    To cut the term in half, you could take the 90th payment’s principal amount (find this using an amortization schedule) and add it to each monthly payment.

  30. raleigh myhren October 16, 2015 at 4:49 pm -

    If the principal on a loan is paid off but not the interest, does the interest amount change or is it fixed and still to be paid at the time the principal is paid?

  31. Colin Robertson October 20, 2015 at 3:04 pm -


    If your payments are fixed you’d pay the loan off quicker but monthly payments would stay the same until the balance is zero.

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