Comments on: How To Calculate Your Monthly Payment

By: Jeremy

Jeremy — Thu, 22 Oct 2009 18:10:16 +0000

I think so too, I think the new GFE can really eliminate some of the head-scratching and smoke and mirrors that goes on. I hope so, anyway.

By: Jeremy

Jeremy — Thu, 22 Oct 2009 18:10:00 +0000

I think so too, I think the new GFE can really eliminate some of the head-scratching and smoke and mirrors that goes on. I hope so, anyway.

By: Bill

Bill — Wed, 21 Oct 2009 19:36:56 +0000

LOL…we’ve switched lenders not by choice though…our loan has been bought twice now! We are currently with Citi, which has been fine for us. The only problem with them, is that I wanted to refi when the interest rates were really low back in the spring, but they basically said we’ll get back to you in 6-8 weeks…We were in a position of weakness though since we bought in 07, and put only enough money down to cover closing.

Back on topic, the new form looks like it certainly will help everyone, and esp home buyers going through the process for the first time that might not understand all the terms, and wording.

By: Bill

Bill — Wed, 21 Oct 2009 19:36:00 +0000

Back on topic, the new form looks like it certainly will help everyone, and esp home buyers going through the process for the first time that might not understand all the terms, and wording.

By: Jeremy

Jeremy — Mon, 19 Oct 2009 19:25:32 +0000

Knowing as far ahead of time as possible is certainly preferable – sorry you had to go through that.

Are you with the same lender that your original loan was through, or have you since refinanced? I’ve heard of several people who, upon hitting the closing table and finding their terms were different, went back and refinanced to get rid of that lender. Might not make the best sense dollars and cents-wise for someone living in the home say, less than five years, but probably made them feel better when writing that check every month!

I expect that the should eliminate some of these hidden fees, but there will be lenders who eventually find ways around them. Agents need to find those lenders and avoid them like the plague.

By: Jeremy

Jeremy — Mon, 19 Oct 2009 19:25:00 +0000

Knowing as far ahead of time as possible is certainly preferable - sorry you had to go through that.Are you with the same lender that your original loan was through, or have you since refinanced? I've heard of several people who, upon hitting the closing table and finding their terms were different, went back and refinanced to get rid of that lender. Might not make the best sense dollars and cents-wise for someone living in the home say, less than five years, but probably made them feel better when writing that check every month!I expect that the should eliminate some of these hidden fees, but there will be lenders who eventually find ways around them. Agents need to find those lenders and avoid them like the plague.

By: Bill

Bill — Mon, 19 Oct 2009 18:37:31 +0000

Well we “found out” early if you want to call it that…but that was before they got the Home Owner’s insurance cost wrong, and realized that taxes were paid twice a year for the city (or the county? I cant even remember!) and they calculated the paid interest wrong…so yeah we thought we knew what the total was supposed to be but the day before closing, it was a different story. It was frustrating since I had already gotten our cashier’s check for closing, and that our monthly estimate was off. Not extremely off, but enough to make a difference.

By: Bill

Bill — Mon, 19 Oct 2009 18:37:00 +0000

By: Jeremy

Jeremy — Wed, 14 Oct 2009 15:40:59 +0000

That’s a good point, Bill – there shouldn’t be any surprises. That’s one of the reasons why I like the new Good Faith Estimate, I think it goes much further to disclosing the full cost of the transaction.

How far were you into the loan process when you learned the full monthly cost of your loan, Bill? Please tell me it was prior to the closing table, although admittedly I have seen instances where that’s been the case.

By: Jeremy

Jeremy — Wed, 14 Oct 2009 15:40:00 +0000