Entries from Searchlight Crusade tagged with 'prepaids'

Don't Roll Mortgage Refinance Costs Into Your Balance If You Wouldn't Pay Them Cash

One thing that is very common in the mortgage industry is masking loan costs by rolling them into your loan balance. People are less sensitive to being asked to roll this money into their loan balance than they are about...

What Are Recurring and Nonrecurring Closing Costs?

Many people are uncertain as to what closing costs are. Basically, they relate to the costs of doing the transaction. There are people who work on getting your loan through the process of approval and funding, and those people have...

The HUD-1 Form

I have mentioned this form several times in the past as the only form in the entire real estate loan process which is actually required to be accurate. Department of Housing and Urban development form 1, the so-called HUD 1...

What to look for at Loan Closing

I've said upon more than one occasion that the factors at closing are all in the loan provider's favor. Unless they signed up for multiple loans, the typical consumer has no leverage to get the loan provider to play it...

Impound Accounts Facts and FAQs

I've seen a fair number of questions on impound accounts in the last several months. An impound account, also known by the confusing term escrow account because the lender is holding it in escrow, is money that you give the...

How Do I Know If I've Been Lowballed on a Mortgage Quote?

The answer isn't quite "Their lips were moving," There are some lenders who make a habit of quoting real loans at real costs that they have reason to believe they can deliver. With probably a much larger number, however,...

The Good Faith Estimate (Part II)

UPDATE: This article is still good for a basic understanding. However, for an article written specifically for the new form that becomes mandatory January 1, 2010, please go to the 2010 Good Faith Estimate (Continued from Part I) Below the...

Don't Roll Mortgage Refinance Costs Into Your Balance If You Wouldn't Pay Them Cash

One thing that is very common in the mortgage industry is masking loan costs by rolling them into your loan balance. People are less sensitive to being asked to roll this money into their loan balance than they are about...

Housing and Urban Development Form 1 (HUD-1)

I have mentioned this form several times in the past as the only form in the entire mortgage process which is actually required to be accurate. Whoever your provider is, this is the one form they cannot play games with....

What You Should do at Closing

I've said upon more than one occasion that the factors at closing are all in the loan provider's favor. The typical consumer has no leverage to get the loan provider to play it straight at closing, and actually deliver what...

The Good Faith Estimate (Part II)

(Continued from part I) Below the "Estimated Closing Costs" line, there are three more sections. The first is "Items required by lender to be paid in advance." These are not negotiable - they are what they are, and except for...