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interest rate: 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)
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interest rate: The New Good Faith Estimate (GFE) Form, Page 1 (Part 1) - 11/12/09 01:00 AM
Let's examine the top half of Page 1 of the new Good Faith Estimate (GFE) form.
One of the first changes you will notice about the Good Faith Estimate form is that it now asks for the Loan Originator's email address.
It also asks for a Property Address. Remember, without a property address (the one the borrower intends to get the loan for), the Good Faith Estimate is non-binding, meaning the lender (or loan originator) is not able to be held to fees and rates quoted. However, prior to closing, a Good Faith Estimate will all the required information on it … (1 comments)
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interest rate: Owning Becomes More Attractive as Rent's Rise, Home Prices and Interest Rates Fall - 04/10/09 01:48 AM
Demand for rental homes and units in many parts of the country is on the rise as many homeowners who are unable to refinance their mortgages to today's lower rates because their property values have declined have sold their homes "short" or left them altogether after foreclosure. Increased restrictions for obtaining mortgage financing (high credit scores and larger down payments) have also reduced the pool of renters who "qualify" for homeownership.
As demand rises for rental units, the cost of renting should rise. As inventory of homes available for purchase grows, and demand shrinks (or is reduced due to a smaller … (1 comments)
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interest rate: 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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interest rate: Which Loan is REALLY the Best? - 05/08/07 05:28 PM
With so many lenders, loan types and loan programs, how can you REALLY know which loan is best?
At Homebuyer Representation, our Exclusive Buyers Agents can assist you in looking at your financing options and possible sources of financing. We are not lenders. Our only goal is that you understand the total cost of each loan, loan type, or loan product or configuration which you are considering.
With this in mind, we created the TOTAL COST OF THE LOAN EVALUATOR®. Our TOTAL COST OF THE LOAN EVALUATOR® allows you to understand what you are really paying for your loan based on the actual dollars … (2 comments)
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interest rate: The wrong mortgage can cost thousands of dollars in needless fees, interest and other costs - 05/08/07 05:17 PM
The wrong mortgage can cost thousands of dollars in needless fees, interest and other costs.Many lenders have a handful of loan types that they use with almost all of their customers. You may qualify for special programs, but never hear of them. Many lenders use the loans that are most similar to what the Buyer is familiar with, but which provides the lender with the highest yield or fees (the loan that will put the most money in their pocket...)
Others will find out what your "hot-button" is: lowest interest rate, lowest fees, lowest payment (to name a few).
They will quote you … (2 comments)
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Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert - SLC, UT
Salt Lake City,
UT
More about me…
Homebuyer Representation, Inc.
Address: PO Box 701481, SLC, UT, 84170-1481
Office Phone: (801) 969-8989
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