Ask for points to be quoted to you as a dollar amount--rather than just as the number of points--so that you will actually know how much you will have to pay. |
Fees- A home loan
often involves many fees, such as loan origination or underwriting fees, broker fees,
and transaction, settlement, and closing costs. Every lender
or broker should be able to give you an estimate of its fees. Many of these fees are
negotiable. Some fees are paid when you apply for a loan (such as application and appraisal
fees), and others are paid at closing. In some cases, you can borrow the money needed to pay
these fees, but doing so will increase your loan amount and total costs. "No cost" loans are
sometimes available, but they usually involve higher rates.
|
|
Ask what each fee includes. Several items may be lumped into one fee. |
|
|
Ask for an explanation of any fee you do not understand. Some common fees associated with a home loan closing are listed on the Mortgage Shopping Worksheet in this brochure. |
Down Payments and Private
Mortgage Insurance Some lenders require 20 percent of the home’s
purchase price as a down payment. However, many lenders now offer loans that require less than
20 percent down--sometimes as little as 5 percent on conventional loans. If a 20 percent down payment is not
made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in
case the home buyer fails to pay. When government-assisted programs such as FHA (Federal
Housing Administration), VA (Veterans Administration), or Rural Development Services are
available, the down payment requirements may be substantially
smaller.
|
|
Ask about the lender’s requirements for a down payment, including what you need to do to verify that funds for your down payment are available. |
|
|
Ask your lender about special programs it may offer. |
If PMI is required for your loan,
|
|
Ask what the total cost of the insurance will be. |
|
|
|
|
Join our Linkedin Group
The GAFM ® Board is the 1st Graduate Certification Body to Become Accredited and Certified for: ISO 9001 Quality and ISO 21001 Training in the World. GAFM ® owns the former AAFM ® Certifications and Programs
|
Home About Certifications Board Board Register Recognition Requirements Providers Contact Us Contact Apply AFAPPC GetCertifiedPPC Benefits Chartered Wealth Manager News How To Use Stock Markets Training Calendar FINRA Application Reg. Payments About Old Events CWM Training Program News UBT University Business Technology Saudi Arabia Saudi Arabia - Certification Training Programs 2017 - University Business & Technology CEO Message Chartered Certified Economist Certified Financial Analyst FINRA SEC Chartered Wealth Manager Training Indonesia Malaysia Guides Informa GAFM Guides Jamaica Qualifying Degrees Global Advisors Membership Mission Ethics Governmental Recognition Links Handbook mfm Financial Planner Program Chartered Economist CCO Higher Institute IP List Become Provider Management Consulting Jobs TUV Accreditation CWM Chartered Wealth Manager Terms Financial Analyst Certification Copy of Certification Economics Certification Economics Degrees Management Degrees Finance Degrees Accounting Degrees Exams Renew Certification Awards Sample Honor Society Trademarks Careers Complaint Site Map Mentz George Mentz Lawyer Mentz George Colorado USA Speaker Consultant AFA ® Accredited Financial Analyst Certification CTEP ® Trust and Estate Certification CIPM ® Certified International Project Manager CWM ® Chartered Wealth Manager ® AMA ® Management Accountant Certification AMC ® Management Consulting Certification MMC ® Management Consulting Certification Book
