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Welcome to 0nly4Homebuyers Issue 41.
Alert! Alert! Alert!
This week I was contacted by a subscriber who complained
that she had ordered software from Freesoft.com using
an ad in this newsletter. She said she had never received
the software and was having trouble contacting the company.
I was able to contact freesoft.com with no trouble. They seemed
Very anxious to rectify any problems. The information was and
hopefully the situation is now resolved, however, I am wondering
if anyone else has encountered a problem with this company.
Although we try to verify each ad (and company) we use is legitimate,
your feedback is essential. We will not do business with scammers or
anyone who is not responsive to our subscribers. If you have had
problems with this company, please email and let me know the
particulars. mailto:cmc@.../?subject=freesoft
Thanks
Cindy
PS: Please share this newsletter with your friends.
If you have a suggestion for an article,
please email me directly and tell me what you would
like to see! mailto:cmc@...
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In this Issue:
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Understanding Interest Rates
What is RESPA?
Shopping around (Excerpt from FTC.Gov)
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Understanding Interest Rates and Points
The interest rate that you are quoted by a lender is the number that is multiplied
by the loan balance to determine the interest payment. The rate quoted on a
mortgage is an annual rate, but it is applied monthly. This is called the APR
(Annual Percentage Rate).
On a Fixed Rate Mortgage, the interest rate is “Fixed” meaning it does not
change over the life of the loan. If you keep the loan for 1 year or 30 years,
the rate stays the same. Many people prefer the Fixed Rate over an adjustable
rate because it can not ever change.
On an Adjustable Rate Mortgage, (ARM) it can change each year. Usually
the first year the rate stays the same. After the first year, it may go up (or down)
depending on the current rates. You can get ARM’s that are fixed for 1, 3, 5
and even 10 years before the rate changes. Usually this is a trade off since the
rate starts out being lower than with a fixed rate, but it can end up higher, just
depending on the changes in the economy. If you don’t plan to be in the house
for a long time, this may be the way to go.
Points are related to the interest rate. A lender may offer a fixed rate at 7.5%
with zero points or 7.0% with 2 points. Each “point” will cost you 1% of the
loan amount. For example, with a $100,000 loan, each “point” would cost
you $1,000. This is called buying down the rate. The points are paid at closing
along with all your other fees. Only you can decide if buying down the rate is
right for you. If you are planning to be in the home for a long period of time,
it may be worth it to you. However, if you think you may refinance at some
point in the future, maybe not.
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What is RESPA?
RESPA stands for the Real Estate Settlement Procedures Act and
is a consumer protection statute. It was first passed in 1974. The
purpose of the act is to help consumers become better shoppers for
settlement services and to eliminate kickbacks and referral fees that
increase the costs to the consumer.
RESPA covers mortgage loans on one to four family residential properties.
It requires that borrowers receive disclosures at various times. These
disclosures spell out the costs associated with the loan, outline how
the lender will service the loan and describe escrow account practices,
among other things.
RESPA prohibits certain practices that increase the cost of settlement
services. For example, RESPA prohibits home sellers from requiring buyers
to buy title insurance from a particular company. It also prohibits anyone
from giving or accepting anything of value for referrals of business related
to a federally related mortgage loan.
When you apply for a mortgage loan, you should receive a Good Faith Estimate
of settlement costs and a Mortgage Servicing Disclosure Statement. The GFE is
just an estimate of what you are likely to pay at settlement. The MSDS discloses
whether the lender intends to service the loan or transfer it to another lender.
The lender is required to mail these documents within three business days of
receiving the application. However, if lender turns down the loan within three
days, they are not required to send the documents.
RESPA also sets limits on the amounts that a lender can require a borrower
to put into an escrow account. The lender must perform an account analysis
once a year and notify the borrowers of any shortage. Any excess of $50 or
more must be returned to the borrower.
HUD has authority to impose a civil penalty on loan servicers who don’t submit
escrow account statements to borrowers. A borrower can bring a private law suit
or a class action suit against any servicer who fails to comply.
Borrowers with a problem should contact their loan servicer in writing,
outlining their complaint. The servicer must then acknowledge the complaint
in writing within 20 business days of receipt. They then have 60 business days
to resolve the issue by correcting the account or providing a statement explaining
its position.
If you have an unresolved complaint, you should write a letter outlining the violation.
Identify the violators by name, address and phone number. Be sure to provide
your information so HUD can follow up with you. Complaints can be sent to:
Director,
Office of Consumer and Regulatory Affairs
US Dept of Housing and Urban Development
Room 9146
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Get Your FREE Credit Report Online!
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Excerpted from the ftc.gov site. Good information, click the link
Below for the rest of the story…….
Shopping around for a home loan or mortgage will help you to get the
best financing deal. A mortgage---whether it’s a home purchase, a
refinance or a home equity loan—is a product, just like a car, so the
price and terms may be negotiable. You will want to compare all the
costs involved in obtaining a mortgage. Shopping, comparing and negotiating
may save you thousands of dollars.
Obtain information from several lenders. Home loans are available from
Several types of lenders, thrift institutions, commercial banks, mortgage
Companies and credit unions. Different lenders may quote you different prices,
So you should contact several regarding your application, but they are not
Obligated to find the best deal for you unless they have contracted with you
To act as your agent. Consequently, you should consider contacting more than one
Broker, just as you should with banks or thrift institutions.
Read more here.
http://www.ftc.gov/bcp/conline/pubs/homes/bestmorg.htm
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Please feel free to share this newsletter with your
friends. If you have a suggestion for an article,
please email me directly and tell me what you would
like to see! mailto:cmc@...
If you would like to read more articles about
buying or selling a home, please visit our website
http://www.creativemortgageco.com/
Til next time. Have a great month.
Cindy
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