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.
To Learn More, Contact Bill Cullin Today.
Call or text Bill Cullin at 302-841-7147 today!
Bill Cullin
Your Real Estate Source at the Delaware Beaches
Websites:
www.DelawareBeachRE.com
www.TheHenlopen.com
Cell: 302-841-7147
Office: 302-227-2541
Toll Free: 1-800-GO-BEACH, ext. 117
Fax: 302-227-8165
Long and Foster | Christies International Real Estate
37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971
• Top Individual Agent Long & Foster Rehoboth Office for 13 consecutive years
• Long & Foster’s Top Selling Individual Agent in the entire State of Delaware for 2 consecutive years
• Long & Foster’s Top Selling Individual Agent in the Coastal Region for 3 consecutive years
• Five Star Professional Award Winning Sales Agent (based on client surveys) for 6 consecutive years
• Member of Long & Foster’s Gold Team. Founders Club Level, with sales volume of 10 to 20 million dollars per year. For 6 consecutive years.
• Zillow.com and Trulia.com 5 Star Professional 10 Consecutive years with Best of Zillow designation be awarded last year. Click Here for see client reviews online
• Top Selling Agent at The Henlopen Condominiums over the past 13 years
