#WHAT DOES LE STAND FOR IN MORTGAGE LOAN TERMS HOW TO#Understand how to compare things, apples to apples doesn't mean to take the whole sheet you just look at a bottom line number and say oh this place says 6600 in total costs this place says 7,200 this place is 5500 well they're all varied on what they put in there for third party fees but know that the third party fees won't change the only thing that changes is how people will present them. The specific lender fees the rate and then if there's a discount point or a cost for that rate that's what you want to look at. Regardless of who you do business with look at the interest rate, the cost of that rate, and places where it says discount point and then a lender fee some will call that lender fee as admin fee or processing underwriting whatever they call it. ![]() So as the consumer you'll look at two different estimates and think that this place is cheaper. The bad part for the consumer is that it will change from estimate to estimate. All the rest of the stuff all the third party fees that includes title fees that includes setting up your escrow account and pre paying property tax and insurance that's not going to change. If you're comparing mortgage loans between lenders here's the secret, there's going to be a whole lot of third party fees, there is going to be many different ways that all the numbers are presented to you when you're given an estimate for a purchase or refinance but here's what you look at - the rate, the cost of the rate and what lender fees are. Mortgage Payment the cost of your loan, paid monthly. Mortgage Lender an institution that originates mortgage loans either to keep for interest income or sell on the secondary market. ![]() When comparing mortgage loans compare all the lenders on the same day because the markets change every single day and markets can have fluctuation. Mortgage Late a term used in the mortgage industry to identify a late payment that is 30 days or more past due. Do notĬompare mortgage loan rate of a 30 year fixed with an ARM. #WHAT DOES LE STAND FOR IN MORTGAGE LOAN TERMS FULL#75% but a full percent is dramatic and odd and suspicious.Ĭheck if they are giving you the same program loan. The change between lenders is going to be half a percent or mayīe. Get it complete clear and look out for endless junk fees that keep getting thrown on you. Also ask what the appraisal fee is going to be. ![]() The basic question you can ask the originator is to tell you what their company’s fees to do the loan would be, they don’t have to send you the title and escrow fees because they are third party fees and it is not under their control.
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