SantaFe.com

Perhaps the most important document in initiating a mortgage transaction is the Good Faith Estimate (GFE). This is a document estimating ALL of the costs of a loan which must be presented to the borrower within 3 days of taking an application. It is a critical piece of information as it gives the borrower the costs of a given transaction as well as the proposed monthly payment The borrower can compare this information with the GFE’s from other lenders.

The GFE is very specific in the information that it provides and the line item numbers match up with the Settlement Statement that is...

Tuesday, January 15, 2008
by Andrew Hoffman • SantaFe.com

'Tis a month after Christmas, and all through the town not a soul is buying, but rates are on their way down! Indeed, mortgage rates are moving lower on news of a weakening economy. The 10-year Treasury bond, which used to be the bellwether of 30-Year mortgage rate is at its lowest point since 2004. The rate for a 30-year fixed mortgage seems to be slipping daily.

When is the appropriate time to refinance? Actually, it is a simple calculation. Let's take the example of a $300,000 loan at 6.375%. The payment is presently at $1,860. At 5.625%, the payment will be $1,714, and the...

Wednesday, February 6, 2008
by Andrew Hoffman