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Comparing The True Cost Of
Obtaining A Home Loan
by: W. Troy Swezey
Home buyers are often confused about where to begin in their search for a home
loan. The process is usually narrowed down to finding which institutions provide
the lowest settlement costs, but the different types of lending institutions and
the variety of lending programs available can make the search a slow, difficult
experience.
Real estate settlement costs are fees buyers normally pay when purchasing a home
such as legal services property insurance, mortgage loan financing and title
services. In the past, consumers would have to call each lender, request an
estimate of their settlement costs and compare all of the results to find which
lender offered the lowest total settlement costs.
The Department of Housing and Urban Development, however, recently revised the
Real Estate Settlement Procedures Act (RESPA) which now makes it easier for
consumers to estimate various settlement costs through computer loan origination
programs. In this manner, consumers can access a computer listing of various
programs offered by lending institutions.
The computer search speeds the process of reviewing various programs and allows
participants to arrange financing with the listed lender. Buyers using a
computer loan origination program may be required to pay a fee for this service,
but many buyers feel the convenience outweighs the cost. Still, the new RESPA
changes require a real estate broker with a computer loan origination program to
inform the buyer that the service is only an option and that non-listed lenders
may offer lower rates or fees.
The new Federal Regulations also permit real estate brokers to offer more
comprehensive services to home buyers by allowing brokers to enter into
controlled business arrangements with other companies associated with the home
buying process. Real estate brokers were always allowed to refer buyers to
lending institutions, title companies and escrow companies, but they were not
permitted to accept compensation from those institutions for giving a referral.
The RESPA changes now allow real estate brokers to enter into partnerships or
actually open their own mortgage service institutions. This allows brokers to
provide virtual “one-stop shopping” by handling the entire settlement process.
RESPA changes were made to help home buyers learn about and obtain mortgage
services more conveniently. Since RESPA helps consumers to understand the
process of home ownership, the regulations may encourage more potential buyers
and further stimulate the real estate market.
About The Author
W. Troy Swezey is the author of “COMPARING THE TRUE COST OF OBTAINING A HOME
LOAN." As a Realtor at Century 21 Paul & Associates, he has helped many
individuals with their real estate needs. Visit his web site to download his
free e-book, “REAL ESTATE SECRETS EXPOSED.”
http://www.TroyIsMyRealtor.com or mail to:
TroyC21@usa.net
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