Are You a Mortgage Borrower? Flex Your Muscles!

Are You a Mortgage Borrower?

Flex Your Muscles!


     It's fairly common to see and hear advice provided about the importance of comparing Mortgage Lenders when looking to finance a home purchase or refinance.  Advice is also commonly given to conduct comparison shopping when it comes to Interest Rates too.  
   
     But it's important for Borrowers to know:
  They can "shop" other Fees charged within the financing of their home loan as well ...

     Here in Illinois:  The newly introduced "Loan Estimate” document clearly illustrates which Services/Fees applicants can and cannot shop for when financing a home.  Mortgage Lenders are obligated to provide this information to their Borrowers.

     So which Services fall under each category?

     Services that CAN be shopped:

  • Settlement Fee
  • Lender's Title Insurance -  Title
  • Attorney's Fee
  • Endorsements & Misc. - Title
  • Doc Fee - Title
  • Recording Services - Title
  • Wire Transfer - Title
  • Closing Protection Letter - Title


     Borrowers should be Aware:  Vast differences in Fees can exist between providers for these services ... as well as the level of the professional's expertise.  

     Gaining referrals and Fee quotes for these services is just as important as those sought for the services of Lenders or Agents.  

     Especially important, is seeking the advice and guidance of a Real Estate Attorney ... an attorney educated, knowledgeable, and active in current real estate transactions.  Not just any attorney will do.  
      
     Services that CAN'T be shopped:

  • Flood Certification
  •   Mortgage Insurance Premium
  •   Credit Report
  •   Appraisal Fee

     
     The above-mentioned services and their coordinating Fees ... along with the Lender's Origination, Processing, and Underwriting Fees ... equal the Total Loan Costs charged to Borrowers.  

     Taxes, applicable government fees, possible escrow fees, and other miscellaneous fees may round out the Total Closing Costs charged to a Borrower.

     Choices do exist for Illinois Borrowers.  It's important and wise that they take the time and flex their muscles when and where they can as it pertains to the choice of their professionals, as well as the Fees associated with their services ... 

 


   
*  Hoping to buy a home in the greater Chicagoland area?  Contact me today!  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Gene Mundt

 Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220  -  WI Licensed

American Portfolio Mortgage Corp.

NMLS #175656

 

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

 

 

 

  

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   

   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

    

 

Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

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