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closing cost: Michigan Real Estate Purchase: Escrow Account - 12/01/08 11:33 AM
What is it? An escrow account is basically a mandatory savings account to pay your taxes and insurance from. Every month you will pay your mortgage payment and a portion of that payment will go to the mortgage and a portion will go to the escrow account. When your tax and insurance bills come due, they will be paid from your escrow account company automatically. You will never see a tax or insurance bill, yet they will get paid.
Why do you need it? With almost all loans an escrow account is required by the lender you are getting your loan … (0 comments)
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closing cost: Michigan Real Estate Purchase: Pro-Rated Taxes. - 12/01/08 09:33 AM
Pro-Rated Taxes: Oh, the agony! Nothing causes headaches the way pro-rated taxes do. What exactly are they? It's your tax bill...and yes...it is YOUR tax bill. In most places in Michigan you get two bills for Property Taxes. One for winter and one for summer. In the vast majority of places, you pay these taxes in advance meaning you are paying in July for the tax bill between July of that year and July of next year; same for the winter bill Dec.-Dec. If you buy a house, let's say in August, the seller has already paid for the taxes through … (0 comments)
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closing cost: Michigan Real Estate Purchase: Don’t Get Taken Advantage Of. - 11/26/08 10:07 AM
It's so odd to me that so many people claim to have been mistreated by their mortgage lender. There is a litany of paperwork we are required to provide to you when you apply. I am sure there were plenty of less than reputable loan officers out there that didn't care to go through the numbers, but an even slightly educated borrower can't be taken advantage of. So, here's how to become an educated borrower.
The Good Faith Estimate. Make sure you get one, make sure you get one from several lenders, make sure you compare them row by row and … (0 comments)
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closing cost: Closing Costs: Pre-Paid Items - 11/06/08 10:19 AM
I have written a few different blogs about closing costs and how to understand where your precious pennies go. This time I am focusing on one of the most misunderstood sections of the Good Faith Estimate (GFE)- The Pre-Paid Items. Don't worry "pre-paid" simply means paid at the closing, whether paid for by you or by the seller as a part of the seller's concessions, but nothing is due prior to closing.
Per Diem Interest: A good way to spot a phony loan officer is one that only uses a day or two of per diem on their GFE because … (0 comments)
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closing cost: Closing Costs and Mortgage Fees: Or how the bad man made me pay too much. - 11/04/08 12:32 PM
We have all heard horror stories about good folks being buried in surprise fees, or fees being buried so deep in paperwork that nobody could tell who was getting what. Please use this as a common sense approach to making sure you are getting a good deal on your mortgage.
I will start by listing the fees that all loans will be charged. These, no matter what someone tells you, will ALWAYS be charged to close a loan.
Title Charges: $350-450 for a closing fee. You pay this to the person that coordinates your closing and goes through the paperwork with … (0 comments)
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Matthew Watts
Grand Blanc,
MI
More about me…
Icon Mortgage Lending
Address: 3025 E. Hill Rd., Grand Blanc, MI, 48439
Office Phone: (810) 953-4266 x 205
Cell Phone: (810) 919-8138
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