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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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Q	What does "contingency" mean in real estate?
A	A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence."
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Barry and Tammy Karch, REALTOR®, real estate agents and broker for El Paso, Anthony and Canutillo Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

Barry and Tammy Karch
The Real Estate Power Houses
5823 N. Mesa #732
El Paso, TX. 79912
Barry- mobile phone: 915-549-4663
Tammy- mobile phone: 915-203-7963
Toll Free: 1-800-963-1909
Fax: 915-975-8148
Email: barrykarch@NUMBER1EXPERT.com
Barry & Tammy Karch specialize in residential real estate and investment properties in the greater El Paso, Texas area. With over 30 years combined experience, they are amongst El Paso's top Realtors. They provide caring, personal service and their goal is to make your transaction an enjoyable one.

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NUMBER1EXPERTS™ in real estate for El Paso, Anthony and Canutillo, Texas, Hablo Español, Spanish speaking

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