Tag Archives: good faith estimate

The Case For Simplified Mortgage Disclosure Forms

This may be one area where the free market has broken down. Lenders make much of their profit from borrower’s ignorance. Few people fully understand what they are signing up for when they get a mortgage. This way lenders slip … Continue reading

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The True Cost Of The Adjustable Rate Mortgage

The new consumer protection bureau is drafting two-page mortgage forms so consumers will have a clearer idea of what they are getting themselves into when they take on a mortgage. The Washington Post says: Federal law requires that mortgage-loan applicants … Continue reading

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How To Save On Closing Costs

I’m reading the book Mortgage Confidential: What You Need to Know That Your Lender Won’t Tell You by David Reed. He writes on page 77 that recurring closing costs are non-negotiable and nonrecurring closing costs can be negotiable. What are … Continue reading

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What Is A Good Faith Estimate?

In her new book, Carolyn Warren outlines the mortgage process in ten easy steps. Step number one is getting the Good Faith Estimate (GFE). That will show your loan amount, interest rate, monthly payment, fees and costs, and other necessary … Continue reading

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Prepayment Penalties

Carolyn Warren writes in her book Mortgage Rip-Offs: People are fuming about prepayment penalties. Like the business owner who got stuck with a lifetime penalty for $43,000 when her loan officer who got stuck with a lifetime penalty for $43,000 … Continue reading

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Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance By Carolyn Warren

This is an excellent book. She writes that people with low credit scores get ripped off more often. If you have subprime credit, you’re easy prey for loan sharks disguised as helpful, understanding, charming loan consultants. Some loan officers prefer … Continue reading

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Five Mortgage Fees To Watch Out For

From SmartMoney: Application Fees Just because the ad says "no application fee" doesn’t mean there’s no fee at the time you submit a mortgage application, warns Holden Lewis, senior reporter for Bankrate.com5 (RATE6). "Each lender gives different names to its … Continue reading

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Making Home Financing Easier

(ARA) While many Americans get ready for summer travel, barbeques, and other rites of the season, thousands will be taking advantage of a buyer’s market by looking for a new place to call home. Whether you are buying your first … Continue reading

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Refinancing is in the Details

From the Hartford Courant: With the slowdown in the real estate market, and interest rates at historic lows, many lenders are pushing refinancing. Refinancing also comes with $2,000 to $2,500 in fees that you will pay, one way or another. … Continue reading

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