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Solidifying That Mortgage Quote
from: Mortage & Debt FactsYou’re in the market for a home and it’s an exciting time. Your realtor may be pressuring you to go to a lender and get a mortgage quote so that you know in what range you can buy safely and prequalify too.
You may even be tech savvy enough to hop online and find networking areas where you can get several mortgage quotes from various lenders, but then you’re left wondering which one is the best deal. How do you really know whether one mortgage quote is better than another? That’s where the good faith estimate comes in.
The Breakdown of a Good Mortgage Quote
If you really want to know how it all breaks down, you have to get a good faith estimate from a lender for your mortgage quote. You can get a good faith estimate from any number of lenders that you want and for different mortgage products too. Some people shop for the best deal this way and take the best offer and show it to other lenders to try to beat that one as well.
Without a good faith estimate a mortgage quote may not be reliable. The Federal government insists that lenders provide a good faith estimate within three days of applying for a loan.
Some of the things you can expect a good faith estimate to show are the potential costs at closing of the following:
• Loan application fee
• Fees for pulling credit reports
• Title work
• Attorney fees
• Cost of appraisal
• Cost of inspection
• Survey work
• Document handling and processing fees
• Taxes
• Escrow accounts
• Your interest rate
• The terms of the loan
• The amortization schedule
Comparing Two or Three Mortgage Quotes
If you are trying to find a good deal, you will want to get the good faith estimates for the different mortgage quotes on the exact same product to fully compare them. If you get one that has a teaser interest rate that shifts after six months to a year, it may initially look favorable but in the long run will cost you more money.
Make sure that they all have the same length of term because a 40-year loan will look like a better deal than a 30-year loan when it comes to the amount of the monthly payment you have to make. However, you pay significantly more money over the life of the mortgage with a longer term than you do with a shorter-term mortgage.
So, always make sure that you are looking at very similar offers from different lenders and not two separate types of loan products.
Mortgage Loan Rates Specific links
Mortgage Loan Rates News
Freddie Mac: 30-year mortgage rate down a tick at 3.78% - Los Angeles Times
 WRAL.com | Freddie Mac: 30-year mortgage rate down a tick at 3.78% Los Angeles Times By E. Scott Reckard Record low interest rates for 30-year mortgages edged down another tick, Freddie Mac said in its latest survey, which showed lenders across the nation offering the benchmark loan at 3.78% compared to 3.79% last week. Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% US 30-Year Mortgage Rate Falls to Record 3.78 Pct. |
MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... - LoanSafe
 New Zealand Herald | MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... LoanSafe “Mortgage rates again dipped to new record lows in the survey, which spurred more borrowers back into the refinance market. As a result, applications for refinance loans have increased for the third straight week and are at the highest level since ... HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales Record-low mortgage rates spur refinancing |
Bankrate: Mortgage Rates Hold at Record Lows - MarketWatch (press release)
 e-wisdom.com | Bankrate: Mortgage Rates Hold at Record Lows MarketWatch (press release) The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200000 loan would have carried a monthly payment of $1241.86. With the average rate now 3.97 percent, ... Mortgage rates drop to new record lows, mortgage activity jumps Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... Today's Mortgage Rates for 5/24/12 |
Swedish Banks' Margin On Mortgage Loans Widens - Fox Business
Swedish Banks' Margin On Mortgage Loans Widens Fox Business In a report on how new capital requirements affect bank rates and lending, the FSA said Swedish banks' average margin on mortgage loans, including all costs, is 0.4 percentage point, representing a return on equity of 22%. This is considerably higher ... |
Fantastic Home Loans Mortgage Rates in New Zealand - PR Web (press release)
 PR Web (press release) | Fantastic Home Loans Mortgage Rates in New Zealand PR Web (press release) The new site is Fantastic Home Loans and the result is a program that lives up to its name. Fantastic Home Loans would like to provide you with an insight into what is happening with mortgage rates in the last week, as homeowners with mortgages or new ... How to reduce mortgage interest payments |