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closing costs: New Good Faith Estimate (GFE) Rule Now In Effect - 01/12/10 02:38 PM
New Good Faith Estimate Rule Now In Effect
Recent guidelines from Washington have forced a change to the way that loan originators will disclose closing costs for all homebuyers.  The purpose of the new Good Faith Estimate is to level the playing field for borrowers comparing loans to be able to make apples to apples comparisons for loan scenarios.
In essence, HUD is working to bring all lenders up to the same standard of excellence in reporting closing costs that I have always adhered to, estimating realistic fees that a buyer should expect to pay at closing with no last minute … (2 comments)

closing costs: What Are Points and When Should You Pay Them? - 12/23/09 08:52 AM
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closing costs: Quick Tips for Getting Started on Your Refinance - 07/08/09 08:53 AM
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closing costs: What Constitutes Closing Costs? - 02/27/09 10:10 AM
Closing costs are expenses that cover fees associated with the transfer of property ownership, fees paid to state and local governments, and the costs of obtaining a mortgage loan. Some of these fees are negotiable, and could be paid by either the buyer or the seller. Some costs are one-time fees (non-recurring closing costs, such as title search, termite inspection, appraisal, etc.); while other fees such as homeowner's insurance or property taxes are things you will expect to continue to pay on a regular basis as a homeowner.As part of the loan selection process, your mortgage consultant should be giving you … (2 comments)

closing costs: Quick Tips for Getting Started on Your Home Purchase - 01/02/09 04:05 PM
Quick Tips for Getting Started on Your Home Purchase

Buying a home can be a complex process, but it doesn't have to be. With a little preparation, you can save a lot of time and hassle by having all of your documents ready when your mortgage professional needs them.To start with, the lender will need personal information to verify employment for you and your co-borrower (if there is one). They will also need information regarding all of your debts and assets.In order to expedite the paperwork process, start gathering the following items:
Most recent paystubs for one month.
W2s from … (0 comments)

closing costs: The Cost Of Buying A Home Is About To Get More Expensive - 08/13/08 03:16 PM
Earlier this year, as part of the "Mortgage Meltdown", Fannie Mae and Freddie Mac instituted what they call Loan Level Price Adjustments.  The basic concept is that borrowers getting a mortgage may be subjected to a higher cost depending on their credit score and loan-to-value(LTV).  The lower the credit score and/or the higher the LTV, the more it would cost to borrower money.  This cost could be passed along in the form of higher closing costs and/or higher interest rates.  They broke down credit scores into 20 point ranges and LTV into 5% ranges.  Depending on which box you fall into … (2 comments)

 

Karl Peidl - Accredited Loan Consultant

Moorestown, NJ

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Address: 305 Harper Drive, Suite 3, Burlington County, New Jersey, Moorestown, NJ, 08057

Office Phone: (856) 252-1200 x 1224

Cell Phone: (609) 254-6687

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