How do I get low closing cost? What is title insurance? How much is Recordation tax?
When choosing your lender, you need to look for more than just the lowest interest rate. The cost to attain a particular rate is of equal importance. A while back I wrote an article about how to identify junk fees and eliminate them. Now I want to address the rest of your Good Faith Estimate. These items will include Attorney's fees, title insurance and all applicable taxes; such as recordation tax and transfer tax and prepaid expenses (escrows).
I cannot stress more that YOU can determine these fees by selecting your own title company and not the one picked by your lender. When I supply a good faith estimate, I use average fees for the area in which the property is located. These figures will not be exact. You have the choice to allow the lender to choose your settlement agent or you can do it yourself. The benefit of letting the lender choose your agent is the familiarity that the lender has with the vendor. I am far more likely to have an attorney that depends on my business be more flexible (i.e come to your home at 8 pm for a closing) than one that I do not have a business relationship with. The downside is that they may be slightly more expensive than the internet company that Google directs you to. My recommendation is to shop your business online and then ask the lenders title company to match the closing cost quote that you get on your own. This will give you the best of worlds: the lowest cost and best service.
Another area of question is title insurance. What is it and why is it so expensive. It is often the most costly part of your refinance. Let's start with "What is title insurance?"
Title insurance is exactly what the name suggests; it insures the title of your land and home. This is necessary because the title of your land has probably changed hands several times in the past. Let's say that somewhere along the line there was a forged signature, or an unpaid lien. Title insurance protects the insurer in these instances.
Is title insurance required? : YES. If you have a mortgage, the lender will require this in all instances. It is noteworthy that this is an indemnity policy, so it only protects the lender against their losses and does not protect the mortgage holder in any way. Clearly the insurer would not issue a policy if anything was amiss, so you should be ok.
How much does title insurance cost? It depends on what state the property is located in. Typically, the cost will be .5% of your loan amount. On a $400,000 purchase loan, the cost would be about $2,000. When you refinance, you will get a "re-issue" rate. This is typically 60% if the original amount. The cost for insurance can vary from one provider to the next. This part of shopping around.
The next expense that you will see is your pre paid insurance, property tax and interest. While these fees are completely non -negotiable, you should understand how the amount collected is determined. The biggest number will always be your property taxes. When I do a preliminary good faith estimate, I always estimate that we will collect 6 months in property taxes. If a lender is showing less than this, you should ask why they are. It is possible that they have done the diligence of calculating the exact amount of months to be collected in escrow. It is more likely that they are short changing that figure to make the bottom line look smaller than it actually is in order to "earn" your business. It is also possible that they would inflate the escrow figure so that they can add junk fees at the end of the transaction. The average consumer only cares about the bottom line. I'm telling you to pay attention to every line and hold your lender accountable. At the same time, remember that a good faith estimate is only an estimate. There is room for error within reason.
Please feel free to contact me with any questions about the mortgage process. I will be more than happy to provide you with a no obligation Good Faith Estimate.
Allow my experience to be your resource!
For updated USDA, FHA , VA, Conventional and Jumbo mortgage rates go to www.joshburley.net .
Want to make sure you are getting the best interest rate? compare my interest rates to Quicken Loans, Bank of America, Wells Fargo, SunTrust, ditech, Citimortgage, Navy Federal Credit Union . You will see that my rates are 2nd to none. Work with a LOCAL MORTGAGE LENDER that is commited to giving you the best rate and service!
Josh Burley
Sr. Loan Officer
Choice Finance Corp.
www.joshburley.net
www.choicefinance.net
301.881.8900 x125
Friday, September 18, 2009
**SPECIAL** FHA JUMBO STREAMLINES from 4.5% with $3,000 closing cost credit
4.5% mortgage rates , low closing cost
Mortgage rates: Virginia, Maryland, DC
Updated 12:20 am 9/18/09
All rates listed below are BASE rates on a 30 day lock. Factors such as credit score, loan to value, occupancy, cash out, loan purpose, property state and lock period can change these rates for better or for worse. Please contact me today for a custom rate quote.
Please call for 10,15,20,25 and 40 year quotes. We also offer ARMS, Interest Only and Super Jumbo mortgages up to $2 million
Adjustable Rate Mortgage (ARM) Rates
5 yr FHA ARM from 3.625%
5 yr Conforming ARM from 3.5%
5 yr Jumbo ARM from 3.75%
30 yr fixed rate mortgage below $417,000
4.375% 2.5 points
4.5% 2.125 points
4.875% NO POINTS
Fannie Mae JUMBO mortgage 30 yr fixed rate (up to $729,000)
4.8750% 1.125 point
5.25% NO POINTS
FHA mortgage rates and VA mortgage rates (up to $417,000) /FHA Streamline rates
4.500% 2 points
5.00% NO POINTS
Call for pricing on NO SCORE and NO COST streamline refinances
VA Streamline mortgage Rates
5.00% 1 points
FHA JUMBO mortgage rates (up to $729,000)
5.00% 1 POINTS
5.25% NO POINTS
FHA JUMBO STREAMLINE mortgage (Up to $729,000)
5.00% .625 points
5.25% NO POINTS
Contact Josh Burley today to lock your rate
301.881.8900 x125
Apply online now! @ www.choicefinance.net/apply
Josh Burley
Sr. Loan Officer
Choice Finance Corp.
www.joshburley.net
www.choicefinance.net
301.881.8900 x125
Visit www.joshburley.net for more details
All rates listed below are BASE rates on a 30 day lock. Factors such as credit score, loan to value, occupancy, cash out, loan purpose, property state and lock period can change these rates for better or for worse. Please contact me today for a custom rate quote.
Please call for 10,15,20,25 and 40 year quotes. We also offer ARMS, Interest Only and Super Jumbo mortgages up to $2 million
Adjustable Rate Mortgage (ARM) Rates
5 yr FHA ARM from 3.75%
5 yr Conforming ARM from 3.5%
5 yr Jumbo ARM from 4%
30 yr fixed rate mortgage below $417,000
4.5% mortgage 2.375 points
4.75% mortgage 1.125 points
5% mortgage NO POINTS
Fannie Mae JUMBO mortgage 30 yr fixed rate (up to $729,000)
4.8750% 1.125 points
5.25% NO POINTS
FHA mortgage rates and VA mortgage rates (up to $417,000) /FHA Streamline rates
4.5% 2 points
5% NO POINTS
Call for pricing on NO SCORE and NO COST streamline refinances
VA Streamline mortgage Rates
5% 1 points
FHA JUMBO mortgage rates (up to $729,000)
4.875% 1.5 points
5.25% NO POINTS
FHA JUMBO STREAMLINE mortgage (Up to $729,000)
5.00% 1 point
5.25% NO POINTS
Contact Josh Burley today to lock your rate
301.881.8900 x125
Apply online now! @ www.choicefinance.net/apply
Josh Burley
Sr. Loan Officer
Choice Finance Corp.
www.joshburley.net
www.choicefinance.net
301.881.8900 x125
We just experienced a huge mortgage rate rally! We have returned to levels unseen since May. Remember the ship that you missed? it just came back into port! Do not miss it again. This is a great time to take advantage of an FHA streamline refinance. What do you need to qualify?
THAT IS IT! NO income required , NO appraisal require , NO Assets required.
If you have an FHA loan, call me NOW. FHA streamline mortgage rates start at 4% for adjustable rates and 4.75% for 30 yr fixed rates. We even offer NO COST FHA STREAMLINES!
Do you have a JUMBO FHA loan (above $417,000) ? How about a 5/1 ARM at 4.5% with NO COST? On a $600,000 loan, you will save $480 per month for every 1% you drop in rate. You can take your 6% rate down to 4.5% with NO CLOSING COST and save $43,000 over the next 5 years under this scenario.
Josh Burley 301.881.8900 x125 www.choicefinance.net
Apply online now! @ www.choicefinance.net/apply
Josh Burley
Sr. Loan Officer
Choice Finance Corp.
www.joshburley.net
www.choicefinance.net
301.881.8900 x125
Rates from 3.625%!
Rates hedge a bit higher this morning as the stock market rallied. We are still at the lowest levels we have seen since May! Call Josh Burley 301.881.8900 x125 for more details.
All rates listed below are BASE rates on a 30 day lock. Factors such as credit score, loan to value, occupancy, cash out, loan purpose, property state and lock period can change these rates for better or for worse. Please contact me today for a custom rate quote.
Please call for 10,15,20,25 and 40 year quotes. We also offer ARMS, Interest Only and Super Jumbo mortgages up to $2 million
Adjustable Rate Mortgage (ARM) Rates
5 yr FHA ARM from 3.625%
5 yr Conforming ARM from 3.75%
5 yr Jumbo ARM from 3.875%
30 yr fixed rate mortgage below $417,000
4.5% 2.625 points
4.75% 1.5 points
5% .25 points
Fannie Mae JUMBO mortgage 30 yr fixed rate (up to $729,000)
5% 1 point
5.375% NO POINTS
FHA mortgage rates and VA mortgage rates (up to $417,000) /FHA Streamline rates
4.5% 2.375 points
5% .375 points
***FHA STREAMLINE SPECIAL*** 5% NO POINTS
Call for pricing on NO SCORE and NO COST streamline refinances
VA Streamline mortgage Rates
5.00% 1 point
FHA JUMBO mortgage rates (up to $729,000)
5.00% 1 point
5.375% NO POINTS
FHA JUMBO STREAMLINE mortgage (Up to $729,000)
5.00% .855 point
5.25% NO POINTS
Contact Josh Burley today to lock your rate
301.881.8900 x125
Apply online now! @ www.choicefinance.net/apply
Josh Burley
Sr. Loan Officer
Choice Finance Corp.
www.joshburley.net
www.choicefinance.net
301.881.8900 x125
FHA, VA, Conforming and Jumbo loans. With 6+ years experience in retail and wholesale, I have what it takes to make your next mortgage experience, your best mortgage experience
Allow my experience to be your resource!
Thank you for visiting my page today. With 6+ years of mortgage finance experience, having worked both as a loan officer and a wholesale account executive for some of the largest banks in the world, I have the experience and knowledge that you need.
My business philosophy is simple:
Whether you are purchasing a home or refinancing your current mortgage, obtaining financing can be intimidating and stressful. This does not have to be the case. Only work with a professional that makes you feel like you matter! Call me today for a free no obligation rate quote!
Over the years, I have had several areas where I have specialized.
Most recently it has been FHA. Working for subsidiaries of Goldman Sachs and Barclays, I closed over 175 FHA loans in 2008. Many of those loans were FHA streamline refinances. While the premise of the streamline is simple, I know the little things that can help save you money, close faster and obtain a lower interest rate. If you have an FHA loan, call me today to inquire about a streamline refinance.
Recently, I have taken a great deal of interest in the Fannie Mae Refi Plus program. This is a program designed to help homeowners who have very little equity, or are upside down on there mortgage.The guidelines on this program change regularly. I have been able to help clients with this already. I have taken clients who had a 6.5% interest rate and a 95% LTV all the way down to 4.375% fixed with no mortgage insurance. If you have very little equity or are upside down on your mortgage, call me today to see if I can help you!
Of course I offer standard conforming loans, conforming jumbo loans up to $729,750, super JUMBO loans up to $3 million, ARM's, interest only and VA loans. As a broker, I have access to almost every program on the market. Allow my experience to be your resource!
Click here to see testimonials for myself and some of my colleagues at Choice Finance
Considering what's going on in the home loan and financial world Josh and Choice were easy to get along with and very professional.
Evelyn Aponte-Sacks and Howard Sacks of Potomac MD
"He (Josh) was very responsive and helpful during a difficult process"
-Brian Koepsell of Frederick, MD
We chose Choice Finance because the rates were low after searching many companies. Our loan agent, Josh Burley was absolutely wonderful from start to finish.
We have refinanced in the past and have never received the type of service that he provided. He didn't make us feel that we were in the dark about anything, he was polite and answered every question that we had. He kept us informed with each step along the way and even got us a lower rate than we requested!
I wouldn't hesitate in a heartbeat to use Josh Burley and Choice Finance again and recommend him to anyone we come in contact with.
Ronald & Michelle Habrat
of Glen Burnie, Maryland
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