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First Time Buyers >Good Faith Estimates
Several years ago the U.S. Congress tried to protect consumers from a few unscrupulous lenders by requiring all lenders to calculate and disclose the annual percentage rate (APR) you pay on your mortgage loan. But most homebuyers will learn more by directing their attention to the Good Faith Estimate of Settlement Costs (GFE). Although Congress meant well, in practice the APR is not helpful and may be confusing.
If you are looking for a good way to understand your costs of borrowing and/or to compare one lender's costs to another, the GFE is your best bet. Get your lender(s) to provide a written GFE before you commit your mortgage business. When reviewing a GFE, keep in mind that the lender actually controls only a certain portion of the disclosed costs. Other parties typically control costs of appraisal, settlement, title insurance, recording fees and taxes, survey, and the "prepaid" expenses of homeowner's insurance, mortgage insurance, real estate taxes, etc. Review these origination fees, discount points, etc. and you will have the ability to understand the full costs of your proposed mortgage loan.
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| Q |
What mortgage transactions between borrowers and lending institutions operate in the private sector of the economy?
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| A |
Conventional mortgages are private sector transactions that are not insured or guaranteed by the government. |
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at
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919-859-8889
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Need to Know 6-12 Months
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Your Home!"
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at
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an invaluable 34-page book,
"Homebuyer's Toolkit, Ten Steps to Choosing and Purchasing Your Home."
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FEATURED PROPERTY
Carefree Cottage Homes in Cary, NC!
Exciting and carefree Cottage Homes with exceptional features and amenities located in one of Cary, NC's finest new communities, Renaissance at Regency. English styled exteriors and state of the art interiors. Eight distinctive home plans!
Location: Renaissance at Regency Cottages
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Jodi Bakst, Realtor
Jodi is a realtor and friend who specializes in Chapel Hill, Durham and Raleigh Real Estate
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