Today, 2 more things your lender won't tell you….
4."Our APR Doesn't Mean What You Think It Does."

When lenders advertise their loans, they use annual percentage rates, or APRs. The APR is supposed to help you compare loans on equal terms by combining the fees and points with a year of interest charges to give you a loan's true annual cost.

The problem is, every lender's APR policies differ. Some include their application fees in the APR, some don't. So two loans from different banks may have different APRs even though they have identical rates and points. To complicate things even more, APRs also vary depending on the size of the loan, whether it is adjustable or fixed, and on the lenders' requirements for mortgage and title insurance. Not many people understand the differences, says Keith T. Gumbinger, an analyst with HSH Associates, a New Jersey mortgage research and tracking service. "We have studied it and determined that [the APR] is fairly meaningless."

5. "We Never Met a Fee We Didn't Like."

It's bad enough being nickel-and-dimed over a checking account. ("What? A $10 charge when someone else's check bounces?") But when banks make home loans, the extra fees can go through the roof — often to the point of being illegal.

Lenders are required by Respa, the Real Estate Settlement Procedures Act, to give you a good-faith estimate of your closing costs when you hand in your application, and extra charges are a violation of the law. But some banks try to sneak them in anyway. "I've seen $150 messenger fees," says Charles Baird, an Atlanta lawyer who has represented a number of people who have sued their mortgage lenders. "I also see strange fees, like a 'jumbo warehousing' fee. Many don't refer to any real service, but I see them on settlement papers all the time. Lenders tend to be very creative when it comes to fees."

Always ask for a detailed, itemized list of your estimated closing costs when you hand in your loan application. It's required by law. Then on closing day look carefully at the figure called "amount financed" on your settlement papers. If it does not equal the principal you are borrowing, minus any points or interest paid upfront, ask your loan officer why. It could mean he slipped some fees into the amount financed and you can guess what that means: You'll pay interest on those charges.

 
Next time, a look at reason's 6 and 7 in this series…

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Today, a look at 2 more of the Things Your Lender Won't Tell You.

2. "A Slightly Higher Rate for You Means a Big Paycheck for Me."

Getting you a loan with the lowest possible interest rate is not necessarily in your lender's best interest. Rather, he probably wants you to take the highest rate that you can afford. That's because on top of their regular commission — usually 1% of the loan — lenders can earn an "overage" of another 1% to 2% if they sell you a loan that is more expensive than the best available deal.

Sometimes they mark up the rate by one point; other times, it's just half apoint. In any case, it adds up. One Fairfield, Conn., couple has to pay an extra $1,000 every year on their $230,000 mortgage because their loan officer sold them a 30-year loan at 9.5% — higher than the best rate that day. The reason: For charging the higher rate, the broker reaped a 1% fee.

 
3. "Don't Count on Your Rate Lock When Rates Are Rising."

Even though you've locked in the interest rate on your new loan for 60 days, don't count on getting the rate when your application is approved. Sometimes lenders will actually hold up your application if it means you'll have to pay a higher rate. In 1993, the Federal Trade Commission charged Lomas Mortgage USA, one of the nation's largest lenders, with falsely promising borrowers that it would unconditionally lock in the mortgage rate and discount points for 60 days. In fact, in many instances Lomas levied higher rates and more points within the 60-day period, the Commission charged. The Dallas lender settled with the FTC in July, 1993, and agreed to pay $300,000 in so-called "consumer redress."

"It's the lender who has control over how quickly the paperwork gets done," notes Michelle Meier, a lawyer with the Washington activist group Consumers Union. "And there are always all kinds of reasons why that locked-in rate is unavailable by the time they get to closing."

"It's the lender who has control over how quickly the paperwork gets done, and there are always reasons why the rate isn't available by then."

As interest rates rise, so do rate-lock complaints. Patricia Cunningham, Consumer Affairs Manager at the Illinois Office of Banks and Real Estate, says that in 1994, when interest rates were high, more than 600 rate-lock complaints came in. In 1995, when interest rates fell, so did the number of complaints — by half. In 1996, with interest rates back up again, the number of complaints also rebounded.
Next time, a Look at #4 and #5 in this series…porn britney spears fakeporn pictures celeberty fakefake dr porn examsknightly porn fake kieranarnia porn fakeporn fake actorsfake porn namesporn fake rape Map

Our next several posts will discuss the various activities that must happen before you can close on a mortgage loan, and tells you what will happen at the closing meeting, including what types of documents you can expect to receive.

The mortgage loan closing (or settlement) is the meeting at which you take official ownership of the house. You’ll be required to sign many papers and pay your closing costs at the meeting in order to take possession of your new home. Technically, two separate closings occur at this time: the closing of your loan and the closing of the sale. Then, at the end of the meeting, you get the keys to your new home!

Although the closing process varies from state to state, and even within the same county or city, certain activities are standard. It is to your benefit to understand the many activities that need to occur before, during, and after the closing meeting and their costs.  Of course, as your Buyer's Agents, we will assist you every step of the way in the closing process!

More on this topic in our next post.  Why not subscribe to our blog using one of the convenient subscribe icons to the right of this post?

The net cost of purchasing a home includes the actual purchase price, of course, but also, long term, includes the cost of financing the acquistion. The cost of the financing portion of the purchase is variable and dependent on market conditions, which are out of the control of the individual, but a good portion of the cost of financing is driven straight off of your credit score and that variable is controllable by you, the individual.

 
It is very important to get your credit score over 720. If your is not that high, I highly suggest you connect with a VERY good lender, who can walk you through the steps you will need to take to accomplish a good score like this. My score is a little over 800 and maintaining that level is always in my game plan. If you need a good lender, just let us know!

Dayton was founded by a small group of settlers on April 1, 1796, seven years before the admission of Ohio to the Union in 1803. The town was incorporated in 1805 and named after Jonathan Dayton, a captain in the American Revolutionary War and signer of the U.S. Constitution.

The nickname of the city is the Gem City. No one appears to be sure of the reason for the name: either a famous racehorse named Gem hailed from Dayton, or the city was as pretty as a gem. The most likely story is that the nickname was spawned from an 1840s article in a Cincinnati newspaper, which said, "In a small bend of the Great Miami River, with canals on the east and south, it can be fairly said, without infringing on the rights of others, that Dayton is the gem of all our interior towns.

Due to it being the hometown of the Wright Brothers, and the fact that they assembled their planes there, Dayton is also known as the Birthplace of Aviation.