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Chattanooga, North Chattanooga and East Brainerd Information:
About Chattanooga, North Chattanooga and East Brainerd - Moving to Chattanooga, North Chattanooga and East Brainerd, Tennessee? Get info here... School Reports - Reports for Chattanooga, North Chattanooga and East Brainerd schools kindergarten, elementary, and high schools. Relocating? - Free real estate information & relocation package if you're relocating to Chattanooga, North Chattanooga and East Brainerd, in Hamilton County TN. Go to Main Sitemap - Main sitemap sections include Find Chattanooga, North Chattanooga and East Brainerd Homes, For Home Buyers, For Home Sellers, Chattanooga, North Chattanooga and East Brainerd Information, Real Estate Resources, and About Andy Hodes & The Scenic City Team.
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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 is considered the primary factor distinguishing buyers of prestigious properties from the average home buyer?
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| A |
Financing doesn't worry these buyers; they often put down 40 percent or more or pay cash for a property |
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