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Comparing The True Cost Of Obtaining A Home Loan
Home buyers are often confused about where to begin in their search for a home loan. The process is usually narrowed down to finding which institutions provide the lowest settlement costs, but the different types of lending institutions and the variety of lending programs available can make the search a slow, difficult experience.
Real estate settlement costs are fees buyers normally pay when purchasing a home such as legal services property insurance, mortgage loan financing and title services. In the past, consumers would have to call each lender, request an estimate of their settlement costs and compare all of the results to find which lender offered the lowest total settlement costs.
The Department of Housing and Urban Development, however, recently revised the Real Estate Settlement Procedures Act (RESPA) which now makes it easier for consumers to estimate various settlement costs through computer loan origination programs. In this manner, consumers can access a computer listing of various programs offered by lending institutions.
The computer search speeds the process of reviewing various programs and allows participants to arrange financing with the listed lender. Buyers using a computer loan origination program may be required to pay a fee for this service, but many buyers feel the convenience outweighs the cost. Still, the new RESPA changes require a real estate broker with a computer loan origination program to inform the buyer that the service is only an option and that non-listed lenders may offer lower rates or fees.
The new Federal Regulations also permit real estate brokers to offer more comprehensive services to home buyers by allowing brokers to enter into controlled business arrangements with other companies associated with the home buying process. Real estate brokers were always allowed to refer buyers to lending institutions, title companies and escrow companies, but they were not permitted to accept compensation from those institutions for giving a referral. The RESPA changes now allow real estate brokers to enter into partnerships or actually open their own mortgage service institutions. This allows brokers to provide virtual "one-stop shopping" by handling the entire settlement process.
RESPA changes were made to help home buyers learn about and obtain mortgage services more conveniently. Since RESPA helps consumers to understand the process of home ownership, the regulations may encourage more potential buyers and further stimulate the real estate market.
About The Author
W. Troy Swezey is the author of "COMPARING THE TRUE COST OF OBTAINING A HOME LOAN." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, "REAL ESTATE SECRETS EXPOSED." http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net
MORE RESOURCES updated Sat. July / 20 / 2019
Good time to refinance your mortgage? Fox Business
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Mortgage rates are near historic lows, but maybe you've heard that nagging voice, the one which says “wait just a little longer. Rates can drop lower.
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Several closely watched refinance rates cruised higher today. See what that means for your refinance chances.
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Several closely watched refinance rates decreased today. If you're shopping for a mortgage, see what that means for you.
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Fed interest rate cuts to usher in new era for home buyers | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
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Home prices are high but there's hope for home buyers. Falling rates should make homeownership more affordable as the Fed seeks to cut rates in 2019.
Fixed mortgage rates end up back where they started after an up-and-down week The Washington Post
Mortgage rates were caught in a tug of war this week as economic news pushed them up and then pulled them down, leaving them back where they started.
It's Your House, Only Cheaper — Why Homeowners Should Refinance Now to Save Big - PaperCity Magazine
It's Your House, Only Cheaper — Why Homeowners Should Refinance Now to Save Big PaperCity Magazine
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Mortgage refinancing rates in recent weeks have been dropping at a pace we haven't seen in quite a long time.
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Multiple closely watched refinance rates sunk lower today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both declined. Meanwhile ...
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Mortgage rates sink to a 31-month low after Federal Reserve expresses uncertainty about the economy - The Washington Post
Mortgage rates sink to a 31-month low after Federal Reserve expresses uncertainty about the economy The Washington Post
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Mortgage rates today, July 16, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
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Do you rent your primary or vacation home on Airbnb, HomeAway® and Vrbo™? You can now use the income to qualify for all conventional loans.
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Last week, Freddie Mac's fixed mortgage rate fell to its lowest level in three years, bumping the pool of refinance candidates up significantly. At the end of June, ...
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Mortgage rates trend higher for Monday Bankrate.com
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Over 8 million homeowners are leaving big money on the table by not refinancing The Coloradoan
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Mortgage rates today, July 3, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
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Mortgage rates today, June 26, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
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Dougherty Mortgage Closes Fannie Mae Loan for 165-Unit The Trails of Oak Creek in Kettering, Ohio - MultifamilyBiz.com
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Nearly 6 million people can now cut their mortgage payments with refinancing.
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Mortgage rates today, June 25, 2019, plus lock recommendations The Mortgage Reports
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Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan - MarketWatch
Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan MarketWatch
More people are pursuing refinances as mortgage rates have dropped.
As rates drop, mortgage refinancing surges but home purchase loans remain tepid USA TODAY
Homeowners scramble to refinance mortgages as rates hit the lowest level in 17 months. But mortgage applications for home purchase rose just 0.5%.
The power of mortgage insurance — and which state's buyers use it most | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
The power of mortgage insurance — and which state's buyers use it most | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Mortgage insurance often gets a bad rap. But according to new data, it actually helped more than 1 million Americans either purchase a home or refinance their ...
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Lend America exec to be sentenced in fraud case Newsday
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Mortgage rates are falling—here's how to tell if you could save money by refinancing CNBC
As mortgage interest rates drop, homeowners could save hundreds per month by refinancing. However, it's not a smart financial decision for everyone.
TRANSACTIONS Real Estate Weekly
Marcus & Millichap Capital Corp. (MMCC) arranged a total of $4,280,000 in refinancing for 29 single-family rental properties in the southern New Jersey area.
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You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...
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The recent drop in rates means that 5.9 million people can potentially save money by refinancing their existing home loans and securing a lower rate -- two ...
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Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...
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Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.
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The usual reasons to refinance are to reduce the monthly payment or to raise cash. The third option, which is under-appreciated, is to shorten the period of ...
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A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.
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Freddie Mac CHOICERenovation construction / renovation loan: 2019 guidelines The Mortgage Reports
The CHOICERenovation (sometimes written “Choice Renovation”) mortgage from Freddie Mac gives borrowers a new option to buy and fix-up homes without ...
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Mortgage rates are continuing their downward spiral. According to Freddie Mac, the average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down ...
What to consider before determining whether to refinance your mortgage Washington Post
REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...
Refinance mortgage rates mixed for Monday Bankrate.com
Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.