comparison shopping when refinancing your mortgage can save you thousands of dollars in finance charges. When you compare mortgage loan it is important to compare all aspects of supply, not only the mortgage interest rate. The good faith estimate makes it easy to compare mortgage loan offers a line for line. Here are tips to help you make sense of the good faith estimate to ensure you choose the best mortgage available.
mortgage lenders are required to provide a good faith estimate upon receipt of your application, however, most will give you this document if you simply ask for one. Application for a good faith estimate before applying for a mortgage allows you to make an informed decision about which loan is best.
There are a number of items listed in the good faith estimate you need to focus on the purpose of comparison shopping. These items include the creation of compensation and who is paid a fee for processing and who isplaćuje.Naknada credit shall not be greater than 1 to 0.5% for houses that will take the 2 to 2.5% for investments in property, If fees are higher if the lender is overcharging. Loan processing fee shall not exceed $ 400, period. Increasingly, the lender marks the fees unnecessarily.
Look for anything in good faith estimate that resembles a "broker administration fee", "broker courier fee", "registration fee", or "lock fee." These are junk fees that should simply refuse to pay. If a lender or broker insists on charging the fee, find another mortgage company. Mortgage lenders and brokers often come up with clever names to disguise these fees in the loan documents, and if you are unsure of any fee, issue a lender or broker about compensation. To learn more about reading a good faith estimate of when shopping for the best mortgage loan register for free mortgage guide.