Archives for the 'Closing Costs' Category

THE NEW GOOD FAITH ESTIMATE: PART 1

In theory, the GOOD FAITH ESTIMATE (GFE) is an important and helpful document. In theory. This post had me thinking and wondering if  the new GFE is a positive step for the industry.
The main purpose is to give borrowers, at the beginning of the loan process, when they are figuring out their budget to purchase [...]

31 January 2010 | Closing Costs, Good Faith Estimate | No Comments

Why Refinance Your Mortgage? Lower Payments?

Here is a post that demonstrates one reason to refinance:  lower the monthly payment. If you compare the monthly payment (assuming the loan amount were the same, which it is not because, as we know, over time, the loan amount is being paid down), with a new, lower interest rate, the principal and interest payment [...]

13 January 2010 | Closing Costs, Interest Rate, Refinancing | 2 Comments

BUYING A HOME IN CHICAGO JUST GOT MORE EXPENSIVE

Supposedly we are on the verge of a recession, homes are taking longer to sell, and everyone is…well…nervous.
So what does the Chicago City Counsil do? Increase the tax stamp, to the buyer, for buying a home!
What used to be $7.50 per $1,000 just increased to $10.50 per $1,000.
So a home that costs $300,000 currently carries a tax [...]

7 February 2008 | Chicago Stuff, Closing Costs, First Time Homebuyers, Good Faith Estimate, Pre-Approval | No Comments

The Cure For The Foreclosure Epidemic: Part 3–The Room

The real emotions of buying a home begin with The Room.
The room, as I call it, is the place where you, the borrower of a loan, and the loan officer, the person who is assisting you in getting the loan, meet. By place I should almost say space, but really, it is how you meet the [...]

30 June 2007 | Closing Costs, First Time Homebuyers, Foreclosure, Good Faith Estimate, Loan Officers, Programs | No Comments

Closing Costs: Just A Slice, Please

Though I love my cheesecake, I don’t want to stuff myself. And most homebuyers certainly don’t want to stuff themselves with closing costs.
Here’s a great post about closing costs. Dan’s pie chart shows that, in general, lenders’ costs are only a small portion of the total costs (He does not include the 10% of [...]

26 April 2007 | Closing Costs, First Time Homebuyers | No Comments

More Than Sloppy

When I was a kid I loved an overfilled Sloppy Joe.  Part of the fun was licking the “stuff” off your hands. 
Sloppy pre-qualifications (not to be confused with a true, legitimate pre-approval) are another matter. This blog post has it right, and everyone should pay attention.
High loan-to-value loans, especially 100% financing, are very tough to [...]

22 March 2007 | Closing Costs, Down Payment, First Time Homebuyers, Pre-Approval | No Comments