I'm a first time home buyer and looking around for a mortgage. The GFEs I've recceived are
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As a first time homebuyer, you should also check with your state to see if they have something. I am an authorized lender for the State of California for their first time homebuyer program. If you live in this state or have any other questions, please email me at houseloan4u@yahoo.com
Jayne @ Guild Mortgage Company
I'm a first time home buyer and looking around for a mortgage. The GFEs I've recceived are a bit confusing.Yes its always negotiable. Its simply an extra commission for them. They will still make money even if they dont charge you anything. Every bank, mortgage broker, ect ect is slightly different in what they will or will not charge. I was lucky enough to have a family friend who was our mortgage broker and he didnt charge us any pts. or origination fees. Are closing costs are almost nothing because of it.
Escrow is also a case by case process. Some lenders want taxes and home insurance ecrowed into payments and closing costs. And some just have you pay them on your own.
I'm a first time home buyer and looking around for a mortgage. The GFEs I've recceived are a bit confusing.The origination fee is traditionally 1%. I have a quote sheet from a local company right here that is a few days old. It says a 15 year fixed rate FHA is 6.375 with no points and no origination. The same loan at 6.25 has an origination fee of a quarter of a point. So they get their money thru the intrest rate or up front-whichever you want.
If you have an escrow account, they tend to want enough in there so they can pay the bills a month before they come due. that means that if you close in late June they will want Seven months of taxes in there if the taxes have to be paid by the end of the year. They also want some money in there to pay for next years homeowners policy-since that is a year away they may just want a month or two in there.
I would really pay attention to referals. If no one I know has ever used this loan officer I would never use them. A bad or dishonest loan officer can ruin your home purchase. Don't pick someone just because they claim to be the cheapest-sometimes they "bait&switch".
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