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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 is the world's longest wall?

A 
The Great Wall of China, at a length of 2,150 miles, nearly three times the length of Britain.
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Erik Johnson's Dream North Team, REALTOR®, real estate agent and broker for Minocqua, Boulder Junction and Manitowish Waters, Wisconsin home listings, property and land for sale - NUMBER1EXPERT

Erik Johnson's Dream North Team
RE/MAX First, Llc

8583 Highway 51 North
PO Box 142
Minocqua, WI. 54548
Phone: 715-892-1234
Fax: 715-356-1849
Email: erikjohnson@NUMBER1EXPERT.com

Erik Johnson, Broker Owner of Re/Max First, LLC, and the Dream North Team are here to serve you with all of your Real Estate inquiries to fulfill your Northwoods Dreams in the Minocqua area. Erik has over 12 years of sales experience and is a proven top producer with CRS and GRI designations, ReMax Hall of Fame Member, Platinum Club Member 2004-2008... Prior PGA golf professional he can even give golf tips..(free) we look forward to meeting you soon...


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