Fisher Funding

When home buyers are looking to buy that perfect home that they”ve chosen for their family, they usually need to speak to a lender about arranging for a mortgage. As of January 1st of this year, however, the government has changed the rules on what kind of information that home buyers are getting when they”re given their Good Faith Estimates (or GFE). The Good Faith Estimates must be given to the homebuyer within three days after a loan application is made and incorporates an estimate of loan fees, title charges, reserves, and other charges so that the home buyer can shop around and make an informed choice. At least, that”s what the GFE is supposed to do, in theory. In actuality, the previous system of GFEs had no way to hold lend ..

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Changes To The Good Faith Estimate Help Home Buyers Anticipate…

1. Full Financing You might have heard of zero-down financing mortgages. Even in today”s economic and credit crunch, you can still buy a Miami Beach real estate home without any money down, at the cost of future financial woes. Homebuyers who cannot come up with a down payment are forced to look for another lender who can give them a second mortgage amount. Although piggyback loans can be helpful for those who manage to keep up with their payments, the skyrocketing interest rate of the second loan is enough for anyone to walk away from their homes

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Miami Beach Real Estate For Buyers ‘ Posted By: Mark Ferrer