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Solidifying That Mortgage Quote
from: Deb St. George - HomelessInKingCounty.comYou’re in the market for a home and it’s an exciting time. Your realtor may be pressuring you to go to a lender and get a mortgage quote so that you know in what range you can buy safely and prequalify too. You may even be tech savvy enough to hop online and find networking areas where you can get several mortgage quotes from various lenders, but then you’re left wondering which one is the best deal. How do you really know whether one mortgage quote is better than another? That’s where the good faith estimate comes in.
The Breakdown of a Good Mortgage Quote
If you really want to know how it all breaks down, you have to get a good faith estimate from a lender for your mortgage quote. You can get a good faith estimate from any number of lenders that you want and for different mortgage products too. Some people shop for the best deal this way and take the best offer and show it to other lenders to try to beat that one as well. Without a good faith estimate a mortgage quote may not be reliable. The Federal government insists that lenders provide a good faith estimate within three days of applying for a loan.
Some of the things you can expect a good faith estimate to show are the potential costs at closing of the following:
• Loan application fee
• Fees for pulling credit reports
• Title work
• Attorney fees
• Cost of appraisal
• Cost of inspection
• Survey work
• Document handling and processing fees
• Taxes
• Escrow accounts
• Your interest rate
• The terms of the loan
• The amortization schedule
Comparing Two or Three Mortgage Quotes
If you are trying to find a good deal, you will want to get the good faith estimates for the different mortgage quotes on the exact same product to fully compare them. If you get one that has a teaser interest rate that shifts after six months to a year, it may initially look favorable but in the long run will cost you more money. Make sure that they all have the same length of term because a 40-year loan will look like a better deal than a 30-year loan when it comes to the amount of the monthly payment you have to make. However, you pay significantly more money over the life of the mortgage with a longer term than you do with a shorter-term mortgage. So, always make sure that you are looking at very similar offers from different lenders and not two separate types of loan products.
Mortgage Interest News
Memphis Realtors participate in Washington rally to protect mortgage interest ... - Memphis Commercial Appeal
Memphis Realtors participate in Washington rally to protect mortgage interest ... Memphis Commercial Appeal By Tom Bailey Jr. Twenty-two Memphis Realtors joined an estimated 13500 Realtors in Washington today at a rally urging Congress to protect mortgage interest deductions. “It was phenomenal,” Carol Lott, president of the Memphis Area Association of ... |
Mortgage rates hit new low for 3rd week in row - Sun-Sentinel (blog)
 Washington Times | Mortgage rates hit new low for 3rd week in row Sun-Sentinel (blog) By Donna Gehrke-White Sun Sentinel Mortgage interest rates fell to historic lows for the third week in a row, Freddie Mac reported Thursday. The average 30-year fixed rate dropped to 3.79 percent, down from last week's 3.83 percent. Low, low rates boost loans Mortgage Rates: Low Mortgage Rates Hit Record Again Says Freddie Mac Mortgage Q&A: Check fees that go with note rate |
What mortgage rate will you really get? - MSN Money
 PBS | What mortgage rate will you really get? MSN Money LTV is important because, in combination with your credit score, it can result in higher or lower interest rates and in some cases determine whether you will qualify for a mortgage at all. Perhaps the most common mortgage is for the purchase of a ... Principal Reductions Won't Solve US Mortgage Mess Harper: Isakson right on mortgage reform Lenders less leery of reducing homeowners' principal |
Banks Law Office Represents Meridian Mortgage Investors In "Clawback" Claims ... - Seattle Post Intelligencer
Banks Law Office Represents Meridian Mortgage Investors In "Clawback" Claims ... Seattle Post Intelligencer Meridian Mortgage investors were unpleasantly surprised to receive a letter from the K&L Gates law firm demanding that they repay interest and dividends they may have received from their Meridian Mortgage investments (Seattle Times on the web 29 April ... |
Interest Rate Cut to Benefit Homeowners - San Francisco Chronicle (press release)
 e-wisdom.com | Interest Rate Cut to Benefit Homeowners San Francisco Chronicle (press release) Leading mortgage broking group, The Mortgage Gallery Rockingham assists clients in order to help them take advantage of the new interest rate adjustments in the banking sector. Perth, Western Australia (PRWEB) May 17, 2012 The Mortgage Gallery ... Mortgage delinquency rates at lowest levels in three years On a knife-edge: 100000 families could lose their homes if mortgage rates rise ... |
Current Mortgage Rates Today – Citibank Lowers Rates while most lenders ... - Best Syndication
 Best Syndication | Current Mortgage Rates Today – Citibank Lowers Rates while most lenders ... Best Syndication (Best Syndication News) Mortgage interest rates were mostly higher today as lenders adjusted to changes in the secondary lending market (see mortgage rate charts below). Citibank was one of the few banks to continue to lower their rates. Kiwibank cuts mortgage rates TSB slashes rates TSB takes on big rival banks |
Mortgage Application Volume Rose 9.2% Last Week -- MBA - Wall Street Journal
 e-wisdom.com | Mortgage Application Volume Rose 9.2% Last Week -- MBA Wall Street Journal The number of mortgage applications filed in the US last week rose 9.2% from the prior week, the Mortgage Bankers Association said Wednesday, as renewed economic worries in Europe dragged interest rates to fresh lows. Refinance activity jumped 13%, ... Refinance App Volume Rises as Interest Rates Reach New Lows Mortgage refinancing applications jump; rates fall: MBA Mortgage applications rise on refinancing |