mortgages: Definition Of Discount Points - 04/02/08 09:15 PM
More commonly called "points", discount points are up-front fees charged by mortgage lenders in exchange for lower mortgage rates. 
The cost of one point is one percent on the loan size and discount points appear on Line 802 of the HUD-1 Settlement Statement.
As a general guideline, each point paid lowers a … (0 comments)

mortgages: How Prepaid Items Can Make Your "Closing Costs" Look Inflated - 02/27/08 10:42 PM
When buying a home, you pay for more than just physical property at the closing table.  You also pay a series of charges.  Commonly, homebuyers lump all of these charges under the heading of "closing costs". 
That's a miscategorization.
Many changes on a HUD-1 Settlement Statement are specifically not  closing costs. They are … (0 comments)

mortgages: Are You Inadvertently Merging Your Credit Score With A Stranger? - 02/27/08 10:36 PM
A 2004 study showed that 4 out of 5 credit reports contained at least one error. 
The errors were of various types with different implications.  A quarter of the errors, for example, were of the "serious" nature; errors that could lead to a credit denial because of a false-reporting delinquency or … (0 comments)

mortgages: 6 Things To Avoid While Waiting For A Mortgage Approval - 02/27/08 10:27 PM
When buying a home, there are two stages in the home loan approval process.
Stage 1 starts when a homebuyer submits a mortgage application to his loan officer for a pre-approval. 
A pre-approval is a "walk-through" mortgage approval that says -- at a given purchase price and downpayment amount -- the home … (0 comments)

 
Mortgage Company: John Topa, Mortgage Advisor, First Sunrise Mortgage
John Topa, Northeast PA Mortgage Advisor
Scranton, PA
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John Topa, Mortgage Advisor, First Sunrise Mortgage

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