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Mortgage Application Article
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Solidifying That Mortgage Quote
from:You’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 Application Specific links
Mortgage Application News
Mortgage applications up on refi demand: MBA - Reuters
 Christian Science Monitor | Mortgage applications up on refi demand: MBA Reuters NEW YORK (Reuters) - Applications for home mortgages rose last week, fueled by demand for refinancings as mortgage rates hit fresh record lows, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of ... Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... Mortgage rates fall, mortgage application volume rises Mortgage comparison-shopping: How to read good faith estimate |
Rockland County man charged in mortgage application scheme - Mid-Hudson News
Rockland County man charged in mortgage application scheme Mid-Hudson News But, between the time of the loan application and its eventual funding in July 2008, Farkas secretly applied for, and received, another mortgage for $292000 from Florida Capital Bank using the same property as collateral. Farkas is accused of receiving ... |
MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... - LoanSafe
 World News Resource | MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... LoanSafe (Source: MBA) – Mortgage applications increased 3.8 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 18, 2012. The Market Composite Index, ... Record Low Mortgage Rates Fuel Third Consecutive Increase In Refinance ... HARP 2.0 Drives Mortgage Refinancing to 3-Month High Plummeting rates bring more mortgage refinancers to table |
Mortgage rates hit 4th straight record low - OCRegister
 OregonLive.com | Mortgage rates hit 4th straight record low OCRegister APPLICATION NEWS SUMMARY: Mortgage Bankers Association weekly survey indicates loan application volume for the week is virtually unchanged. While the MBA headline points to refinance loan applications increasing for the third consecutive week with a ... Buybacks Wearing on Industry; Fannie, Freddie and Wall Street;... |
Mortgage Brain's mortgage app used over 10000 times - Mortgage Strategy
Mortgage Brain's mortgage app used over 10000 times Mortgage Strategy Mortgage Brain's mobile application solution to promote brokers and mortgages products to UK consumers has been accessed and used over 10000 times since its launch. The app, UKmortgages, was launched initially on the iPhone on April 16 and will soon be ... 10000 consumers download Mortgage Brain mobile app |