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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.
Joel and Connie Gravina Century 21 Select Group 1256 Route 507, Suite #1 Greentown, PA 18426 Toll Free: 800-227-1233 Phone: 570-226-1755 Cell: 570-241-4674 Fax: 570-226-4460 Email: jcgravina@NUMBER1EXPERT.com
We are the Lake Wallenpaupack Specialists for Pike and Wayne Counties. Our team of professionals takes pride in representing recreational properties, fine homes, estates and commercial properties in the Lake Region.
866-744-1776
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is brought to you by Joel and Connie Gravina
NUMBER1EXPERT in real estate for Lake Wallenpaupack, Pocono Mountains and Hawley, Pennsylvania
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