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Real Estate Tips
First Time Buyers >Good Faith Estimates

Several years ago the U.S. Congress tried to protect consumers from a few unscrupulous lenders by requiring all lenders to calculate and disclose the annual percentage rate (APR) you pay on your mortgage loan. But most homebuyers will learn more by directing their attention to the Good Faith Estimate of Settlement Costs (GFE). Although Congress meant well, in practice the APR is not helpful and may be confusing.

If you are looking for a good way to understand your costs of borrowing and/or to compare one lender's costs to another, the GFE is your best bet. Get your lender(s) to provide a written GFE before you commit your mortgage business. When reviewing a GFE, keep in mind that the lender actually controls only a certain portion of the disclosed costs. Other parties typically control costs of appraisal, settlement, title insurance, recording fees and taxes, survey, and the "prepaid" expenses of homeowner's insurance, mortgage insurance, real estate taxes, etc. Review these origination fees, discount points, etc. and you will have the ability to understand the full costs of your proposed mortgage loan.

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Real Estate Trivia
Q 
What kind of home construction is considered to be the safest in seismic areas?

A 
Straw-bale homes in seismic zones have proven resilient enough to withstand the shock of earthquakes.
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Resident Team Realty, LLC, REALTOR®, real estate agent and broker for Orlando, Kissimmee and St. Cloud, Florida home listings, property and land for sale - NUMBER1EXPERT

Mark Horan
Resident Team Realty LLC

1813 West Virginia Dr.
Kissimmee, FL. 34744
Phone: 407-301-0312
Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

The Resident Team welcomes anyone looking to buy or sell their home. We use all the latest technology to search, market and get the results that you desire. You will be kept up to date all along the way. We are a partner you can trust. Don't just listen to us, read the testimonials of our past clients on our web-site, they are our true voice. Buying or selling a home can be the most stressful activity that a person can experience. It doesn't have to be that way! The Resident Team will strive to make it exciting and enjoyable! Contact The Resident Team today for your Professional Real Estate experience. We specialize in Bank Owned Foreclosures.

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