It is my opinion that buyers should talk to mortgage brokers and get pre-approved before they actually start looking for a house. While I provide "Buyer's Estimated Closing Costs" my estimate is not as accurate as one directly from the lender, because so many things vary - fees, PMI charges, etc.
Thanks to Jeff Belonger for this post below! (Hint: read some of the other articles he has linked as well)
Good Faith Estimates- Extremely important message below!!!
If you are a consumer looking to purchase or refinance, this is a must read. It could cost you thousands if you don't pay attention. This is not a threat, but a warning from someone that has over 16 years of experience in the mortgage industry.
When shopping for a mortgage, even if shopping with more than 2 lenders, you want to get a good faith estimate from everyone that you speak to.
So, here is my pet peeve. This is a major red flag - if you speak to a loan officer, on the phone or in person, and they didn't offer you a good faith estimate, don't walk, Run!!!
The Good Faith Estimate is an over abused term and can be misleading. If the loan officer qualifies you for a mortgage, no matter if its a FHA loan or a conventional loan, you should receive one in a few hours. In reality, if the loan officer qualifies you and tells you a rate, a payment, and your total costs, they should be able to give you that good faith estimate in a matter of minutes. Think about it, they had to do this already in order to give you those figures. There is no excuse. Sure, things happen, but just being busy is not good enough. Unless they specifically tell you that they will give it to you the next day. This can happen, but other than that, if they dont communicate this with you, no excuse. And this could be indicative to how your loan process will go.
Let me ask you this. If you are shopping for a car, don't you want to see your payment, interest rate, and total costs? I know I would. If you have to keep asking for a good faith estimate and it's been 3 days, major red flag.
Overall, it doesn't matter if you are applying for a FHA loan, a conventional loan, or any other type of mortgage. If you have to beg for a good faith estimate, you are just asking for trouble in most cases.
THE GOOD FAITH ESTIMATE
So, what is a good faith estimate? Its an estimate of all your costs associated with buying or refinancing your home. But here is the catch. There are some costs that are known costs and not just estimates. These would be the lenders fees. The lender fees are all fees that are under lines 801 to 823. I enlarged this section below for you.
Three things that you want to look for when you first look at yourGFE.
Look at the loan program and make sure this is the program that you want. If it was an adjustable, it would say differently. This would fall under the term of the loan.
Look at the mortgage rate. Make sure this is what you discussed when speaking to your loan officer. (Up top, middle of page, yellow highlight)
The 3rd issue are the fees. As I mentioned above, everything in section 801 to 823 would be the lenders fees or anything the lender is going to charge you. (left hand column with highlighted items) Don't ever be fooled if one lenders fee is higher than the other. You still need to compare the mortgagerate.
(Speak to your tax accountant to make sure what can be written off and what cant. But typically just the points can be written off)
What not to do when comparing good faith estimates.
Don't compare total fees at bottom of the GFE, which I will explain why below.
Conclusion: Again, don't always shop and ask for total fees. Compare the lenders fees the most. In regards to your escrows, each state is different. I highlighted this in red. Your property taxes are paid either quarterly, twice a year, or once a year. I have seen some loan officers sometimes not show enough for your escrows in regards to the property taxes. Its very easy for a loan officer to say at closing, ˜these aren't my fees, so all I can do is give an estimate. Word of advice, yes, its an estimate. But I have seen some loan officers estimate less to make the overall cost look cheaper. And just be careful, because some of these figures are not worth the paper that they are written on. It's just that, an estimate based on good faith. Make sure that you always speak with a Mortgage Professional. And don't shop yourself right out of the market.
One other thing, if you have 3 good faith estimates in front of you, always go back to the person that you had the best feeling with, that you are comfortable the most with, and share the other 2 with them. Just don't run to the person with the best rate and or fees. I always like my clients to come back to me no matter what. I might be able to point something out to them. And this next topic must be discussed when receiving a GFE, otherwise this Good Faith doesn't mean squat. Locking or floating my mortgage rate !!!!
Lastly... if you are going to shop rate & costs, ALWAYS shop on the same day !!! Rates change daily...
UPDATE : The laws in some states are different, when a good faith estimate must be given. In Paul McFadden's example, comment #15, they have 3 days from the day they pull credit. According to RESPA, the lender has 3 days from the time of application. When just casually shopping, there is no time period or law.
In regards to my example, with the rate and points, this is just an example. Besides, not all rates or good faith estimates come with points. And I don't charge fees. But there is a cost of doing business with any lender or bank out there.
When I first learned about blogging for real estate, I was confused. I had somewhat of an idea of what blogging was - after all, I did have a MySpace account. I could not understand how that could become part of building my real estate business.
Jennifer Allan brought me to ActiveRain - I followed a link in her signature on a real estate agents forum, because I liked what Jennifer had to say about almost everything, and if she thought ActiveRain was worthwhile, then so did I. (Baaaa. I can be a sheep at times....)
At first I tried to use ActiveRain like a message board - it did not work. Eventually though, I got into the swing of things and the rest is history. I found terrific bloggers to learn from and emulate (I'd like to name them all here but I'd rather not - I will leave one of you out and hurt your feelings!) The late Karen George really helped me with search engine optimization. Everyone else has been so inspirational and given me great ideas.
I have had great success with my Lake Wallenpaupack real estate blog - I love blogging, even if I don't have the time for it that I used to.
But it seems that a lot of agents still don't get it. They don't understand what blogging is - what it is supposed to be. At least, in my not so humble opinion.
Your blog should be a place where your readers and future clients can get to know you, where they can catch a glimpse of your passion, where they can fall in love with your area and want to call you to help them find a home there.
When it's a rehash of headlines from Realty Times or Inman News...or if it's a bunch of general mumbo jumbo that they could find on HGTV.com, they don't get to know YOU or your area. You are merely adding noise. If they want real estate headlines, they can go to Realty Times, no?
Simply posting vFlyers or Postlets of your listings may get you some results but you'll still be missing the boat of what a blog should be. They should be part of your blogging, but not the main source of content.
I read a post by a user on a real estate agent forum...she was raving about this service she subscribes to that gives her conent for her blog. "I no longer have to think about what to write!" she gurgles. Basically she just copies and pastes that info right into her blog.
But where is *she* in that blog? One of the things my readers have commented to me, when we meet face to face, is that they feel like they already know me, from reading my posts. They know a little about my sense of humor, they know that I grew up here, they know that I know the area.
Furthermore, we all know that real estate is local. How can you post blogs that are of local relevance - if you're regurgitating something written for a general audience?
Use your blog to talk to your readers, turn them on to you as a dynamite real estate agent, and turn them on to your area as the place to call home. Otherwise, you may be missing the boat.
Spring has sprung in Pike County - finally! Lovely flowers have been a-bloom, sending their sweet fragrance into the air. Life in the country is grand this time of year.
If you've had an idea of moving to northeastern PA, now would be a good time to investigate that option further. One home you may consider is this one, located in Greeley. It is in the Wallenpaupack Area School District and is in a convenient location for commuters - it's only about 25 minutes from the train to NYC in Port Jervis, even closer to the commuter parking stop in Lords Valley.
The property speaks for itself - it's a gardener's haven. This ranch home is perfect for someone who wants a quiet place in the country, but not too remote. Check it out!
Do you have a home in Pike or Wayne County PA to sell?Visit My Seller Website and learn about my innovative marketing plan which will be personalized specifically for your home.
Are you interested in Pike or Wayne County PA homes for sale? Visit my real estate website to see all the property for sale in Hawley, Honesdale, Greentown, Lackawaxen, Hamlin, Lake Ariel, and the entire Lake Wallenpaupack region of Northeast PA's Pocono Mountains.
You may create an account to save your searches and keep track of your favorite listings but registration is not required.
Karen E. Rice is a real estate agent working in Pike & Wayne County of Northeastern PA in the Poconos. Lake Wallenpaupack is one of Pennsylvania's most popular destinations for vacations, retirement, and purchasing a home.
The other day while out on caravan, I had a dry throat and coughed. People cringed even though I did cough into my sleeve (never my hand).
A few houses later, the dust in the home tickled my nose too much and unfortunately, on our way out the door the dust combined with the pollen in the air was too much - and I sneezed. People ran. Well, just joking - nobody ran but my friend Linda ducked and said "You better not have swine flu!"
It's the latest scare on the scene and it has lots of people concerned.
Some home sellers are nervous about having many strangers view their homes - with all the talk of swine flu going around, it's reasonable to be a little scared, especially if someone in the household is suffering from a weakened immune system and is at risk of becoming very ill.
It's not really possible to pre-screen buyers for the flu - I can see the list of questions:
How much do you have for a downpayment?
What is your credit score? Are you preapproved?
When would you like to move?
Have you been to Mexico lately?
Have you started sneezing or sniffling?
The problem is, there are all kinds of bugs floating around that could be just as devastating to an at-risk person. People can be contagious and not even know it, so asking them if they're sick before letting them see the house will probably not be very helpful.
Short of taking your home off the market, there is always going to be the risk that someone may come into your home, touch the doorknobs, and leave behind germs.
I suggest having a container of Lysol or Clorox wipes handy - and after a showing, wipe down every possible surface someone may have touched - most likely all the door knobs, cabinet and drawer pulls, the counter top, the bathroom fixtures. It will not eliminate all of the germs - and supposedly, the flu germs do not survive on surfaces very long anyway - but it will help.
This would be a great time to declutter and eliminate a bunch of knick knacks - less surfaces for people to touch and less surfaces for sellers to clean afterward. Not to mention, the lack of clutter makes your home appear more attractive to buyers...
I for one plan on carrying a bottle of hand sanitizer with me everywhere. I will not be touching many surfaces in homes I show - just to be safe. I will be sanitizing my hands often - and you're welcome to share - just let me squirt it into your palm.
Do you have a home in Pike or Wayne County PA to sell?Visit My Seller Website and learn about my innovative marketing plan which will be personalized specifically for your home.
Are you interested in Pike or Wayne County PA homes for sale? Visit my real estate website to see all the property for sale in Hawley, Honesdale, Greentown, Lackawaxen, Hamlin, Lake Ariel, and the entire Lake Wallenpaupack region of Northeast PA's Pocono Mountains.
You may create an account to save your searches and keep track of your favorite listings but registration is not required.
Karen E. Rice is a real estate agent working in Pike & Wayne County of Northeastern PA in the Poconos. Lake Wallenpaupack is one of Pennsylvania's most popular destinations for vacations, retirement, and purchasing a home.
I joined Digg.com over a year ago. In case you don't know, Digg.com is a website where users can give kudos to websites, articles, and blogs, and hopefully increase traffic. You benefit when lots of people "digg" your stuff - but it works both ways; in order to get, you must give.
Frankly, I've forgotten about it and am going to try and be more faithful in taking some time each morning to "digg" some interesting blogs and articles.
Please become my friend and I'll be yours - and maybe if I write something really cool that you think is worthy, you can "digg it." And if I see an awesome blog that you wrote, I'll "digg" you.
Lords Valley Community Church, located in the Mr. Z's Shopping Center in Lords Valley, will host their first Coffee House this Saturday April 25, at 7 p.m.
Please join us for coffee and other refreshments, and the musical talent of Larry Bitterman.
Today (Sat. April 11 2009, 2pm - 4pm) is the OPEN HOUSE for 100 Pioneer Court in Masthope. This house is in a quiet and secluded section of Masthope yet close to the amenities by the ski lodge.
Be enchanted once you step inside, and once you see the lovely views out the windows.
If you can't make it to the open house, please send email or call me (570-647-5170) to schedule your own private showing.
Need Directions? Here’s a MAP to help you get directions from your location! Street address for GPS is 100 Pioneer Court, Lackawaxen PA, 18435.
Basic Info:
2 bedrooms + sunny loft
2 full baths
private deck overlooking wooded area
freestanding propane stove in living room
large windows & cathedral ceilings
$169,900
Here's the virtual tour. Don't miss out on this cutie!
Do you have a home in Pike or Wayne County PA to sell?Visit My Seller Website and learn about my innovative marketing plan which will be personalized specifically for your home.
Are you interested in Pike or Wayne County PA homes for sale? Visit my real estate website to see all the property for sale in Hawley, Honesdale, Greentown, Lackawaxen, Hamlin, Lake Ariel, and the entire Lake Wallenpaupack region of Northeast PA's Pocono Mountains.
You may create an account to save your searches and keep track of your favorite listings but registration is not required.
OKAY - you have been hoping to buy a house near Lake Wallenpaupack for some time. Maybe the amenity fees in places like Wallenpaupack Lake Estates (listings) worry you, especially after factoring in real estate taxes & renting a boat slip (WLE does have a marina but there is a waiting list for boat slips).
What to do? You'd love to have a vacation home but can't afford the other fees that come with it. THE MISSION IS NOT IMPOSSIBLE!
Have I got the perfect lake house for you - and it's only $109,900...and it's going to be OPEN Saturday March 28 from 11:00 - 1:00 p.m.
This cottage is ready to go - it's been freshly painted inside and has brand new carpet, too! Located less than a mile from the FREE public boat launch on Lake Wallenpaupack at Mangan Cove, it's in the most PERFECT location. The lot is spacious enough to allow you to park your boat when not in use - room to build a nice garage for just that purpose!
There are two bedrooms, large kitchen, dining area, one full bath, and a living room with a wood stove (hey, why not use the house in the winter too? It's not far at all from Tanglwood Ski Area, which had a banner 2008-2009 season!)
This home is ABSOLUTELY PRICED RIGHT for the bargain hunter. Close to town & shopping, but more importantly, super close to the BIG LAKE!
GUESS WHAT? DOUBLE WHAMMY tomorrow - not only will this cute little cottage be open but the house for sale next door is going to be available for viewing as well.
The blue house, 48 East Road, is significantly larger and has a terrific yard. My favorite component of this house is the AWESOME screened porch, and the deck has recently received a face lift. There are two bedrooms, one and a half baths - PLUS a full basement to finish for extra living space or to keep as a garage area. (My husband goes nuts over basements and garages, so I'm sure there are other guys like him out there who will start imagining great things for this house!)
At less than $150,000, it too is a terrific deal for someone who wants a vacation home close to Lake Wallenpaupack, without all the fees that come with having a home in a community.
This cute contemporary chalet-style home for sale in Masthope is perfect for those who want to be back in the woods a bit, a little off the beaten path; enjoy the sounds of nature here!
It's not far from the amenities, so never fear - you can still access all the great seasonal activities Masthope has to offer: skiing on Big Bear and using the gorgeous ski lodge, cross country skiing, hiking, motorboating, jet ski fun, horseback riding, basketball, volleyball, etc.
School District: Wallenpaupack
Price: $169,900 at time of this posting
Sq. Feet: 1,050
Stats: 2 bedrooms, 2 baths, eat in kitchen, loft, private deck, cable TV & internet available
Do you have a home in Pike or Wayne County PA to sell?Visit My Seller Website and learn about my innovative marketing plan which will be personalized specifically for your home.
Are you interested in Pike or Wayne County PA homes for sale? Visit my real estate website to see all the property for sale in Hawley, Honesdale, Greentown, Lackawaxen, Hamlin, Lake Ariel, and the entire Lake Wallenpaupack region of Northeast PA's Pocono Mountains.
You may create an account to save your searches and keep track of your favorite listings but registration is not required.
Karen E. Rice is a real estate agent working in Pike & Wayne County of Northeastern PA in the Poconos. Lake Wallenpaupack is one of Pennsylvania's most popular destinations for vacations, retirement, and purchasing a home.
Homes For Sale & Real Estate Info for Lake Wallenpaupack in Northeast PA: Hawley, Honesdale, Greentown, Lake Ariel, Lackawaxen and beyond.
Info on Tanglwood Lakes, Wallenpaupack Lake Estates, The Hideout, Indian Rocks, Masthope, Fawn Lake, Tink Wig, and other communities in Pike & Wayne County.
Scroll & View Some Virtual Tours of Northeast PA Real Estate for Sale & Nearby Community Profile Tours
Please Note: Property Status and Prices Are Subject to Change. While every effort is made to ensure the information is up-to-date, it is possible that a price or property availability has changed since the original posting. Contact me directly to verify current property status.
Information contained on this site is deemed accurate but not guaranteed.
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.
because I liked what Jennifer had to say about almost everything, and if she thought ActiveRain was worthwhile, then so did I. (Baaaa. I can be a sheep at times....)
Your blog should be a place where your readers and future clients can get to know you, where they can catch a glimpse of your passion, where they can fall in love with your area and want to call you to help them find a home there. 
When it's a rehash of headlines from Realty Times or Inman News...or if it's a bunch of general mumbo jumbo that they could find on HGTV.com, they don't get to know YOU or your area. You are merely adding noise. If they want real estate headlines, they can go to Realty Times, no?
The other day while out on caravan, I had a dry throat and coughed. People cringed even though I did cough into my sleeve (never my hand). 
surface someone may have touched - most likely all the door knobs, cabinet and drawer pulls, the counter top, the bathroom fixtures. It will not eliminate all of the germs - and supposedly, the flu germs do not survive on surfaces very long anyway - but it will help.
websites, articles, and blogs, and hopefully increase traffic. You benefit when lots of people "digg" your stuff - but it works both ways; in order to get, you must give.
;)
;)
