loan: The New Good Faith Estimate (GFE) Form, Page 2 Section A - 11/12/09 01:24 AM
Page 2 of the new Good Faith Estimate (GFE) will look significantly different from Good Faith Estimates of the past.
Section A has 2 parts.
Item 1 is the origination charge, or what the lender is charging you for the loan. This number includes ALL lender fees, combined into one … (0 comments)
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loan: 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 … (0 comments)
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loan: 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 … (1 comments)
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loan: Shopping for a Loan - Understanding the New Good Faith Estimate (GFE) Form - 11/12/09 12:46 AM
Due to RESPA Reform, as of January 1, 2010, lenders are required to use a new, uniform, Good Faith Estimate (GFE) form. This new form creates additional disclosure and transparency about the loan product being offered as well as the costs to the borrower. The Good Faith Estimate (GFE) form … (3 comments)
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loan: How to "Shop" Loans and Lenders Part 1 of 7 (How to Shop Mortgage Loan Series) - 08/01/09 03:48 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (6 comments)
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loan: How to "Shop" Loans and Lenders Part 2 of 7 (Same Day - Same Time) - 08/01/09 03:46 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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loan: How to "Shop" Loans and Lenders Part 3 of 7 (Same Facts) - 08/01/09 03:45 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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loan: How to "Shop" Loans and Lenders Part 4 of 7 (TOTAL Cost) - 08/01/09 03:43 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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loan: How to "Shop" Loans and Lenders Part 5 of 7 (Friend/Special Deal) - 08/01/09 03:39 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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loan: How to "Shop" Loans and Lenders Part 6 of 7 (References) - 08/01/09 03:38 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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loan: How to "Shop" Loans and Lenders Part 7 of 7 (Extras/Additional Information) - 08/01/09 03:36 PM
Many Buyers pay 1-3% too much for their loan in up-front costs, even after "shopping" for lenders. Some choose a lender solely based on which one has the lowest up-front costs, but they end up paying for it by getting an interest rate that is higher than they qualify for. Others … (0 comments)
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loan: Beware the Bailout Buzzwords - 04/20/09 10:19 PM
Beware the Buzzwords.
I had a recent experience with my current mortgage holder that makes me wonder if consumers are accepting "deals" from banks that are not "deals" at all.
First, to be clear: I have equity in my home and I don't need a loan modification. I'm just in the … (10 comments)
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loan: Are Downpayment Assistance Programs Bad? - 10/03/08 02:49 PM
So were (are?) Downpayment Assistance Programs bad?
I don't think DAPs are bad in and of themselves.
But coupled with additional items from the lender's bags-of-tricks, they likely contributed to a number of defaulted mortgages, including some that will continue to default as adjustment dates and balloons come due.
(Click Here … (0 comments)
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loan: What You May Not Hear About The Housing And Economic Recovery Act of 2008 - 07/30/08 06:47 PM
The Housing and Economic Recovery Act of 2008 was signed today and that could mean you or someone you know may qualify for up to a $7,500 Refundable Tax Credit.
But...
Be Informed
There are some strings attached to this tax credit that you may not be aware of:
(Click here … (3 comments)
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loan: Does Your Offer Have a Financing Contingency? - 05/17/07 10:56 AM
In Utah, THE FINANCING CONTINGENCY in an offer is a protection to the Buyer if their financing falls through.
It allows the Buyer to cancel the contract without forfeiting their Earnest Money. If not included in the offer, and the Buyer's financing falls through, the Seller can either cancel the contract and … (0 comments)
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loan: 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 … (2 comments)
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loan: Why Loan Pre-Qualification Isn't Good Enough - 05/08/07 04:59 PM
Utah Homebuyers should be Pre-Approved BEFORE they make an offer.We strongly recommend that all our clients get Pre-Approved for a mortgage so they know in advance exactly how much you can afford and that their loan will go through. It also adds credibility and strength to their offer and is a … (1 comments)
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