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Tag: closing-costs
The Problem with Good Faith Estimates
The document that savvy shoppers use to determine which loan originator they will work with is called a Good Faith Estimate. It is supposed to be just that an Estimate of the rate and closing costs associated with the loan provided in Good Faith by the Mortgage Professional. (You are not a savvy shopper if your [...]
Posted: May 27th, 2007 under Buyer Information, General Real Estate, Mortgage and Lending.
Tags: APR, closing-costs, GFE, Good-Faith-Estimate, interest-rate, rate-shopping, til
Comments: 110
Bribery to Work with the Builder’s Preferred Lender
When ever I’m working with a home buyer who may be considering new construction, I know I might lose them to the builder’s in house lender. Often times the builder will offer an enticing credit to the buyer’s closing costs only if they obtain their financing from the builder’s preferred lender.
How can having a Loan Originator [...]
Posted: May 6th, 2007 under Agent Advice, Buyer Information, General Real Estate, Mortgage and Lending.
Tags: builder, buyer, closing-costs, credit, Good-Faith-Estimate, new-construction, seller
Comments: 76
How Loan Officers Harvest Seller Paid Contributions: An escrow perspective for buyers and sellers.
Preface: Last week Rhonda Porter brought up the topic of “Are you leaving too much on the table.” The latter part of her post suggests that the Loan Officer harvested the amount of seller contributions that were left on the table. Within the commentary that followed, the question was asked [...]
Posted: April 25th, 2007 under Agent Advice, Buyer Information, General Real Estate, Mortgage and Lending, Real Estate Law, Seller Information, Title and Escrow.
Tags: Buyer-advice, closing-costs, escrow, ethics, Legacy-Escrow, seller-advice
Comments: 45
Second Opinions on Good Faith Estimates
A few weeks ago, one of the Realtors I work with, Suzy Seller, contacted me to see if I could help her client with an out-of-state mortgage. Ima Rusty (names are changed to protect the innocent), was moving to Arizona to retire and perhaps see the sun. Ima had gone to her “local bank mortgage [...]
Posted: March 25th, 2007 under Buyer Information, General Real Estate, Mortgage and Lending.
Tags: closing-costs, Good-Faith-Estimate, prepayment-penalty, purchase, truth-in-lending
Comments: 23
