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• McNerney meeting with Johnson

• 'McMansions' sprout up

• Council discusses low income discount for water, sewer

• McNerney Calls on Bush to keep State of the Union promises

• Film about Lodi pedophile priest O'Grady nominated for best documentary feature

• Planning commission may snuff SPARC

• Galt teachers protest pay raise offer

• S.J. Supervisors vote to back bio-lab

• Regional Roundup

• Logbook

November 20th, 2009

• Acampo woman killed

• Salvation Army Kettle Kickoff

• Advocacy groups sue East Bay Municipal Utility District over Pardee expansion

• Regional Roundup

• Galt plans to help residents with energy-efficient projects

• Stable southeast of Lodi approved

• One year after a heart attack, Lodi's Judy Mims thanks rescuers

• National Guard troops return home in time for the holidays

• Real estate market gets on more solid ground

November 19th, 2009

• Lodi Unified School District board votes to cancel summer school for 2010

• Water surges in Mokelumne River yield more salmon

• Lodi City Council will consider redevelopment next June

• Lodi City Council plans to cap number of taco trucks at 22

• Corrections

• Chase ends in crash

• Operation: Christmas

• Logbook

• Suspect arrested after hiding in fridge

• Galt Joint Union High School Distric hires new superintendent

• Sales tax hike yields dividends: 5 new officers join Galt Police

November 18th, 2009

• Regional Roundup

• Paranormal group conducts second investigation of building

• Congress allocates money for local water projects

• Lodi man finds wife's ashes during police display of stolen property

• Galt City Council rejects study on rent stabilization

• Sarah Palin's book hits the shelves: Locals react

November 17th, 2009

• Clarification

• Lodi Budget and Finance Committee to look into ways to save money on employee benefits

• Regional Roundup

• Decision on summer school expected at tonight's Lodi Unified School District meeting

• Clements gets free water rescue boat

• Redevelopment to be discussed by Lodi City Council again

• Court reinstates death penalty for killer of Lodi grad

• Paying tribute to a Lodian

November 16th, 2009

• Correction

• Public Meetings

• Regional Roundup

• Three members of Lodi-area family fall ill after eating poisonous mushrooms they reportedly found at Lodi Lake

• Sierra Adventure store to close after four years in Downtown Lodi

• Lodi's First Sip event showcases area wineries' latest vintages

• City Council 'triple-dog dared' to ditch cars, use Lodi buses

November 14th, 2009

• Galt school district narrows superintendent search to one

• Regional Roundup

• A first look at 2009 vintages at Lodi's First Sip wine-tasting event

• Watchful neighbor in Lodi helped bust suspected burglars

• Despite budget cuts, some Lodi Unified School District salaries continue to rise

• Despite an increase in homeless students, school districts look to bolster enrollment, raise revenue

• New Galt city manager juggles job, family

November 13th, 2009

• What to expect with new homebuyer tax credit

• Lodi Muslim: Local mosque not involved

• Regional Roundup

• Mayor Larry Hansen points out Lodi's economic progress

• First phase of Lockeford park by 2011?

• Lodi veteran recounts close calls in Vietnam

• Burglary suspects are under arrest

The following stories have received the most reader comments during the last 7 days.

• The country's mess is our fault (147)
• Obama is not a moderate (130)
• Sarah Palin's book hits the shelves: Locals react (63)
• Despite budget cuts, some Lodi Unified School District salaries continue to rise (54)
• Lodi City Council plans to cap number of taco trucks at 22 (46)
• The haves should help the have-nots (30)
• Lodi Flames slim playoff chances vanish in setback to Tracy Bulldogs (25)
• Tokay in, traveling to unbeaten No. 3 Grant for football playoffs (25)
• Nightmares about America's future (22)
• Tokay Tigers blow late 27-point lead in loss to Wolf Pack (22)

ADVERTISEMENT

Mortgage brokers warn against misleading loan offers

Mortgage brokers are alerting Lodi residents to watch out for solicitors trying to convince people to refinance their home loans to pay off their holiday debt.

"The message we want to deliver is 'buyer beware'," said Steve Nilssen, a senior loan consultant for Summit Funding in Lodi. "If it sounds like something that's too good to be true, it probably is."

Refinancing may be a bad idea for those who have bad credit or are in bankruptcy or foreclosure, according to a prepared statement by the California Association of Mortgage Brokers.

Some advertisements offer a 1.99 adjustable rate mortgage, a 5.75 percent fixed rate for 30 years or a one-quarter percent interest rate. Some of these advertisements are against California Real Estate law, Nilssen said.

For example, a sample advertisement e-mailed to the News-Sentinel by the California Association of Mortgage Brokers shows an offer of a 1.99 percent adjustable rate mortgage. That rate is likely to apply for the first month only, Nilssen said. The rate in large print has below it "APR 7.23 percent" in smaller print.

State law requires the annual percentage rate be of equal type size as the interest rate, Nilssen said.

Offers are being presented by direct mail, phone solicitations and newspaper advertisements, he added.

Actual mortgage rates, Nilssen said, are based on the customer's percentage of the loan request in relation to the property value, whether the loan is for a purchase or refinance, credit profile and the debt-to-income ratio.

For more information, see the California Association of Mortgage Brokers' Web site, http://www.cambweb.org.

Contact reporter Ross Farrow at rossf@lodinews.com.

First published: Wednesday, January 24, 2007