Good Faith Estimate

A Good Faith Estimate also known as GFE is the first step in the Refinance process. It is important when shopping for a loan that you obtain solid information regarding your proposed loan amount. On Jan 1, a new law took effect any excess fees must come out of the lender’s own wallet at closing.

Also, be aware when a lender provides you with a work-sheet to explain closing costs and fees it iss not a valid quote. The quote must be printed on a three-page good-faith estimate in order for the quote to be guaranteed. Furthermore, be advised that you’re not bound to any good-faith estimate. As a consumer you should feel free to shop around for a home loan or refinance.

March 4, 2010  Tags:   Posted in: Home Loan Refinance  No Comments

Home Buying Tips

Buying a home can be overwhelming. You’re not sure just how much to take on. You don’t know what city to buy in. Your wife wants 2 bathrooms. You want a big back yard. So many thoughts go into purchasing your home that you can find your head spinning very quickly.

February 21, 2010   Posted in: Home Buying  No Comments

FHA Home Loans

Buying a home for the first time can be a daunting task. You’re likely not sure if you want to take on the massive debt and the entire responsibility of being a home owner. In addition, you’re not sure if you can raise the 20% down payment you’re going to need to buy a home.

If you haven’t saved a good amount of cash, you might feel overwhelmed when you calculate how much 20% really is. Lucky for us, FHA provides assistance to those that don’t have the ability to come up with the 20% down. В With only a 3.5% down payment, a first time home buyer can get a home loan.

Of course, there are restrictions in addition to having the 3.5% down to get approved for an FHA loan. You’ll also have to prove a lengthy employment term (over two years),

February 20, 2010   Posted in: FHA Home Loans  One Comment