good faith estimate: No Closing Cost Loans Cost Money - 01/31/12 09:20 AM
I constantly receive requests for a No Cost loan. Sadly there is no such thing.
All loans have closing costs associated with putting the loan together.
Just like you, participants in the mortgage loan process don't work for free. The Appraiser, Title Officer, Title Insurance, County Recording Fees, Minnesota Mortgage Registration Tax, as well as your lender all need to get paid as part of the process.
Each of these parties charge fees for their service in processing and funding your loan. The Lender's responsibility is to explain to you what the services and costs are, and to give you an … (1 comments)
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good faith estimate: Bait and Switch when searching for the lowest refinance mortgage rates. - 11/07/11 08:38 AM
Are you searching for the lowest refinance mortgage rates?
Have you shopped and think you’ve found the lowest refinance mortgage rates and closing costs?
Are you sure you found a deal, or did you find the crooked bait-n-switch lender?
A lot of consumers like to “shop around” to find the best interest rate they can for their loan. As a result, white lies, factual omissions, and out-and-out misleading statements are commonplace among loan officers in today’s insanely competitive lending market. That’s why it’s important for you, as a consumer, to understand the classic bait-and-switch technique of many lenders and loan officers. … (1 comments)
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good faith estimate: The NEWEST new Good Faith Estimate design. What do you think? - 05/19/11 02:58 PM
On January 1, 2010, the government came out with a new Good Faith Estimate document for home buyers. The new document, supposedly designed to help consumers better shop for a mortgage, was and is a complete flop.
A year later, they are testing a new, new Good Faith Estimate from the new Consumer Financial Protection Bureau. You can give your input to the CFPB... Watch to learn how.
What do YOU think? Is this one a flop too? Post below!
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