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Good Faith Estimate

homeloanpro — Thu, 04 Mar 2010 07:07:52 +0000

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.

Home Buying Tips

admin — Mon, 22 Feb 2010 02:11:55 +0000

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.

FHA Home Loans

admin — Sat, 20 Feb 2010 08:26:15 +0000

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. 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),