Real estate blog entries tagged with escrow account by Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert

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Home : Blogs : Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert - SLC, UT : Buying a Home near Salt Lake City, Utah? CLICK HERE! - Exclusive Buyers Agent Blog : Tag "escrow account"

escrow account: The New Good Faith Estimate (GFE) Form, Page 2 Section B - 11/12/09 01:34 AM

Section B of Page 2 of the Good Faith Estimate (GFE) has 9 parts. Let's go through them.
Item 3 will be a list of required services that the lender will select. These are services necessary in order to complete your transaction. These charges are subject to a 10% tolerance at settlement, meaning that they may be up to 10% higher (but ONLY 10% higher) at settlement.
It is my understanding that the TOTAL of all items listed in these categories is subject to a 10% difference at closing. In other words, an individual item may in fact cost more … (6 comments)

escrow account: The New Good Faith Estimate (GFE) Form, Page 1 (Part 2) - 11/12/09 01:07 AM

The bottom half of page 1 of the Good Faith Estimate (GFE) form begins with a Summary of your Loan Section. This is where a lot of disclosures regarding the loan will be made.
What is the initial loan amount? What is the initial interest rate? What will your initial monthly payment be? (Principal and Interest, and any mortgage insurance if applicable. Taxes and homeowner's insurance are not included here, but may be required to be paid as part of your monthly payment.) Can your interest rate rise? If so, how much? Can your loan balance rise? If so, how much? … (0 comments)

escrow account: To Refinance or Not to Refinance? - 03/25/09 01:48 PM

Many homeowners are tempted to refinance at interest rates that haven't been this low since the 1970s.
Well, should you? Or shouldn't you?
The general rule of thumb has been to refinance if you can save more than 1% on the rate (with no points or fees other than an appraisal, Title Insurance, and re-establishing an escrow account). You also generally want to be planning on staying in the home for at least another few years, as it will usually take a year or two to recoup those costs. (MORE, if you pay origination fee and junk fees.)
I read an … (5 comments)

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