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gfe: 25 Biggest Mistakes - Mistake #9 - Forgetting about closing costs - 03/30/09 09:35 PM
Be aware of the costs associated with purchasing a home!
Think it's bad to pay tax when you eat out? Wait until you're paying closing costs, which can run 2 to 7 percent of the home's purchase price.
A mortgage lender should provide you with a good faith estimate of what costs will be. Keep in mind that it should include such things as origination (points) on a loan, escrow fees, title and homeowners insurance, legal costs, property taxes, fees to record your deed and notary fees.
Too many people come out from closing in shock, and they don't have too.
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gfe: New RESPA rule provides revision to the GFE (Good Faith Estimate) - 02/21/09 11:34 PM
When the Real Estate Settlement and Procedures Act went into effect in 1974 cosumers got a simplified process as well as a protection from abusive lending practices. The purpose that RESPA has according to HUD's web site is
1. to help consumers become better shoppers for settlement services by requiring that borrowers receive disclosures at various times. Some disclosures spell out the costs associated with the settlement, outline lender servicing and escrow account practices and describe business relationships between settlement service providers. 2. to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services by prohibiting certain … (1 comments)
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Chris Whitehead
Bath,
OH
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HomeBuyer Experts
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