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apr: Mortgage Closing Costs in New Jersey – Knowing the differences - 06/23/11 09:34 AM
Mortgage Closing Costs - The Importance of Estimating Closing Costs Estimating mortgage closing costs in New Jersey should not be a difficult task for most, but for some loan officers, they can be way off the mark. I know this because I get about three e-mails a month from borrowers that had a bad experience. Now I am seeing a trend that is scaring me, and the consumer needs to be aware.
When first shopping for a mortgage in New Jersey, usually the first question that gets asked by the borrower is, “what is your interest rate.” Followed by, “what are your … (2 comments)
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apr: Shopping APR (annual percentage rate) vs Interest Rate in New Jersey - 06/22/11 09:53 AM
APR vs Interest Rate – Shopping properly
Shopping for interest rates in New Jersey aka shopping for mortgages in New Jersey, can be confusing, especially when shopping for an interest rate and shopping for APR at the same time. The borrower needs to properly know and understand the differences. It can even be more confusing when you hear different opinions from different so-called experts.
What is most common taught or thought of? Shop interest rates. Shop and compare the APR (annual percentage rate). Shop fees. So which is it?
Let’s define both Interest Rate and Apr. – This comes … (8 comments)
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apr: Calling all realtors - Closing Issues & Time is of the Essence... - The MDIA issue (Mortgage Disclosure Improvement Act) - 08/14/09 09:10 AM
Mortgage Disclosure Improvement Act
Feeling the blues after hearing about the Mortgage Disclosure Improvement Act? (MDIA) For those that haven't heard, this act is part of the Reinvestment & Recovery Act of 2009.
The MDIA became effective on July 30th, 2009. Here are a few highlights of the act that could delay real estate closings in the near future.
The borrower must receive a good faith estimate and a truth in lending disclosure within 3 days of a mortgage application. (but this had already been in place by RESPA laws a long time ago) The earliest a transaction … (53 comments)
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apr: APR vs Mortgage Interest Rate - knowing the differences - 07/02/09 09:40 AM
Shopping mortgage rates can be confusing, especially if you are dealing with a loan officer that has no integrity. It's just a sales job to them. You hear people say... Shop Rate...Shop APR (Annual Percentage Rate)….. Shop mortgage fees….. So which is it? Shopping for a mortgage can be very frustrating also to say the least. I hear so many called experts tell the average consumer to shop APR. This is not the wisest of decisions and can be argued by many professionals. Keep in mind, this is my opinion on this subject.
Lets add some more confusion. Most of … (31 comments)
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apr: Good Faith Estimates -- Knowing the basics - A must read !!! - 10/12/08 11:36 PM
Good Faith Estimates -- Such an extremely vital part when shopping for a mortgage. Yes, rate is some what important, but seems to be the primary focus so many times. Not to sound rude or out of character, but a monkey can quote a rate. And I am dead serious about this.
For any of you in the process of buying a home or refinancing your current mortgage, this is a must read.
I have been in the mortgage industry for over 16 years and this subject has to be my biggest pet peeve out there. I have written about … (67 comments)
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apr: FHA Loans or Conventional Loans — APR vs Mortgage Rate — Knowing the differences…. - 05/13/08 10:15 PM
Shop mortgage rates… Shop APR (Annual Percentage Rate)….. Shop mortgage fees….. So which is it? Shopping for a mortgage can be very confusing to say the least. I hear so many called experts tell the average consumer to shop APR. This is not the wisest of decisions and can be argued by many mortgage professionals.
Let’s add some more confusion. Most of us know what the rate is in regards to mortgages. Let’s define rate and APR. Rate : A charge or payment calculated in relation to a particular sum or quantity: interest rates. (from answer.com) APR (Annual Percentage Rate) : Is the … (10 comments)
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apr: Good Faith Estimates - FHA or Conventional - What are the problems when shopping?? - 12/17/07 09:23 AM
Do you feel like you are sometimes back in time when shopping for a mortgage? Is it because you have now talked to 5 different lenders and nothing seems consistent? How is the communication level when shopping good faith estimates? Does that loan officer just give you want you think you want to hear?
Let's look at one major contributing issue when shopping for a mortgage. "If it's too good to be true, then it usually is." Do you think that you are a savvy shopper because you think you know what you are asking for? Do you think … (15 comments)
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apr: FHA - Conventional - APR vs Rate -- Understanding the difference....... - 10/06/07 12:04 AM
Aren't mortgages confusing enough? It doesn't matter if it's a FHA, conventional, VA, or subprime mortgage. Let's add some more confusion. Most of us know what the rate is in regards to mortgages. Rate : A charge or payment calculated in relation to a particular sum or quantity: interest rates. (from answer.com) APR (Annual Percentage Rate) : Is the cost of your credit expressed as an annual rate. This is a federally required formula, designed to help the borrower compare the cost of credit. The APR rate is different from the note rate of your mortgage and is usually higher than … (28 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
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Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
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