Inside Scoop - Current Tips

Below is a list of some of the current "articles" of interest regarding secrets of the lending business.

We will add more all the time, so check back to see what's new.

Also, if you are interested in seeing more in-depth information about a lending topic, let us know.

• Personal Service - A Rare e-Trait
• How a Lifelong "Test" Can Affect You Now
• Don't Let Your Past Destroy Your Future
• Junk Fees - What You Don't Know CAN Hurt You
• No Embarrassment Loan App
• Junk Fees - The Inside Secrets To Many "Low-Rate" Loans

Junk Fees - What You Don't Know CAN Hurt You

In the fast-paced world of online lending (and offline lending, too), prospective home buyers may become duped by what appear to be low rates and points only to find out that they're paying more for their total loan package than necessary. The reason for that can be buried in what are commonly known as "junk fees." These are costs that lenders add to your settlement statement (perfectly legal, by the way) that improve their "yield" on the loan.

These costs come under a variety of very important-sounding names such as Document Preparation Fee, Underwriting Analysis Fee, Tax Escrow Fee, Escrow Fund Analysis Fee and so forth. We have only one fee ($425) for our costs to administer the loan.

That's why we always encourage you to get a WRITTEN "Good Faith Estimate" and a Truth In Lending disclosure showing what your Total Costs are. It, by law, must show all the costs (including junk fees) that are included in the transaction. You may discover that your ACTUAL cost is much higher than the inviting rate that was pitched at the time you first saw a rate advertised.

Our loan officers can help you make sense out of all this and not get hurt by what you don't know.