Important news before you travel:
If you are in the United States you should be aware of certain Travel Advisories which are given to citizens who choose to travel abroad. These advisories can affect you and may even change your travel plans. So before you go to the airport you should always check to see if your destination country is on the List of the United States Government Travel Advisories.
For more information: Check out the link below which will send you to the US Governments official website.
YOUR PERFECT ENGLAND VACATION
Going to England as a vacation will be something you will always remember and will be a part of you the rest of your life. There is so much history and so much to do in England that thousands of pages could not...read more
WHY YOU SHOULD GO
TO GREECE THIS SUMMER
The Every year visitors millions of visitors go to Greece to spend time at the country's beaustiful beaches and reliable sunny summer weather, its nightlife, historical sites and natural beauty which is...read more
GOING TO NEW YORK'S JFK AIRPORT?
JFK international airport is located 15 miles by highway from midtown Manhattan. JFK’s terminals, parking lots and hotels operate 24 hours a day, 365 days a year and cover more than 880 acres.
If you choose to enter the terminal with the passenger, please be aware that only ticketed passengers will be allowed past the security checkpoint. However, you may enjoy any of the areas before security. As an alternative, you may drop off your passengers at the Kiss and Fly located at the Lefferts Boulevard AirTrain Station where they can ride AirTrain free of charge to their terminal in just 10 minutes.
Electric Vehicle Charging
Air travelers who own electric vehicles can charge them at Kennedy International....read more
A VISIT TO STOCKHOLM
Stockholm is the capital and largest city of Sweden, with nearly 2 million inhabitants within its vicinities. Stockholm is not the oldest town in Sweden. As Sigtuna, Sweden's first capital, was sacked by pirates in 1187, the Swedes built up fortresses along the...read more
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WHY THE MORTGAGE RATE PROCESS IS COMPLICATED
When you first begin looking for a mortgage, the process seems relatively simple, just compare rates and pick the lowest one. But, after several calls to lenders that may not ask all the qualifying questions, you begin to realize that comparing lenders may become a difficult task. In addition, you may be speaking to loan officers that are not thoroughly trained, and therefore provide wrong information. So where can you go to shop for the right mortgage? You have to do your research and keep a log to help yourself remember all the available options.
Until your loan is "locked" the interest rates on the Good Faith Estimate (GFE) is simply a reflection of what the rate is at the moment the Loan Originator prepared the GFE. In fact it's possible that the rate may have changed just moments after the GFE was provided to the client. Mortgage interest rates can change throughout the day. The GFE is not a guarantee of the mortgage interest rate, costs or that one is qualified or approved for a loan program.
Comparing what different mortgage brokers and lenders are charging you to get an interest rate is often the most difficult part of mortgage shopping. First make sure that you are comparing the interest rates on the same day. Rates change when the bond market changes, which occurs daily, if not a couple of times a day.
One of the challenges in shopping for a mortgage is that lenders seem to have their own way of expressing costs. Compare total costs to get the loan. Get to the bottom line, and look at the GRAND TOTAL SUM of ALL costs before you compare the interest rates. We believe that you will find USA-Mortgage.com has the lowest cost mortgages anywhere.
FEES THAT LENDERS CHARGE:
1. Appraisal/ Credit Report Fees or Application Fee - These are fees paid to companies other than your lender for services necessary to obtain your loan. In addition, some lenders may have "application fees". If this is the case make sure this fee is either credited to you at closing or is used for your credit and appraisal report. Our Application Fee is $350, which pays for your appraisal and credit report.
2. Loan Origination and Points - An origination fee or point is 1% of your loan amount. By converting these fees to actual dollars, you can get a truer cost comparison. Some lenders quote zero point loans but charge and origination or broker point.
3. Lender Charges - (i.e. underwriting, processing, document preparation, tax service, flood, etc.) These fees can vary significantly depending on your lender.
4. Title Fees - These fees are paid directly to a title company. These fees include; title insurance, recording fees, closing fee, survey, termite, and attorney fees if applicable.
An interest rate lock guarantees your interest rate for 30 days from the date your application is received (unless you have specifically asked your loan officer for a 15 day lock). A lock does not obligate you to a loan, as technically you are not obligated to any loan until it closes. It just eliminates the risk of interest rates increasing. If interest rates fall, lenders can not re-lock with the lender at the lower rate, so if you are comfortable with an interest rate you can be assured that the interest rate will be available when you close.
The purpose of a lock is to provide an opportunity for you to arrange to complete your mortgage and real estate transaction before the lock expires. This allows you to budget, plan your affordability, and purchase a home without having to worry about it changing before you actually close on your loan. Otherwise, interest rates may increase and by the time you close on your home, you may not be able to afford or qualify for the loan on your home. Interest rate locks provide needed security. Since lenders are absorbing interest rate risk they charge for taking on this risk. For instance, typically a 60 day lock interest rate is slightly higher than a 30 day lock interest rate. Therefore, when you shop for mortgages, a 7% interest rate with a 60 day lock is a better deal than a 7% interest rate with a 30 day lock.
Typically, the buyer has a signed around (agreed to) purchase and sale agreement. Most locks require a property address along with the borrowers full legal name, social security number, program type, purchase price/loan amount and credit scores along with the length of time required to close the transaction.
Rate locks are priced based on the number of days that the borrower wants the rate lock to be in effect. Since the rate lock needs to be in effect through the closing date of your loan, bottlenecks in the loan approval process or purchase contract can derail a rate lock. Most rate locks are in the 30-60 day range.