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mortgage: 25 Biggest Mistakes - Mistake #11 - Not putting the mortgage and closing costs up for bid. - 04/02/09 09:07 AM
Many Real Estate Closing Costs ARE negotiable. A proper bid program can save thousands of dollars in both the long and short run.
The role of the HBE Mortgage Advisor is:
1. Has a second informational meeting to discuss your OTHER purchase. (We at HBE feel that your mortgage loan is also a purchase, and a very important one at that)
2. Review your financial situation.
3. Help you determine your ability to achieve financing.
4. Helps make clear the tax effects of your home purchase.
5. Determines the affordable home cost.
6. Helps identify your ideal home features.
7. Bids … (0 comments)
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mortgage: 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.
… (0 comments)
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mortgage: 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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mortgage: 25 Biggest Mistakes - To choose or not to choose! That is the question. Mistake #2 - 02/02/09 09:52 PM
Choosing the wrong loan.
In the past few years the lending world has seen more changes than you can count! There are lots of programs and terms most of us have never seen before like; interest only, negative amortization, hard or soft prepays, option arms, 40 year terms, balloon payments, LIBOR, monthly adjustable, reverse mortgages, sub-prime, A-paper…We could go on all day, but that’s not the point. What we want to stress is that things change everyday in “Lender World” and lenders themselves have a hard time keeping on top of everything that is available especially when you put different guidelines … (0 comments)
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Chris Whitehead
Bath,
OH
More about me…
HomeBuyer Experts
Address: 3075 Smith Rd., Suite 101, Fairlawn, Ohio, 44333
Office Phone: (330) 826-1282
Cell Phone: (330) 328-3170
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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