I have found zillow.com to have good advice on the value but not always 100% accurate. A real estate agent or appraiser will have some good advice.
A good Loan Officer will sit down with you and create a plan to find you the best home loan now and one in the future based upon changes to your credit or financial situation. I always think it is a good idea to plan ahead. Please do remember that programs do change regularly with the banks so there mayneed to be changes in your plan by the time you are ready to move forward.
Yes, I am seeing it today.
I have heard of some smaller local banks offering this program due to them keeping the loans and not selling them.
One would need to look at the costs of refinancing and then see how much of a monthly savings there would be. For example, if a person would save $200 a month and the closing costs are $1,000, then yes it makes sense. This is due to a savings of $2,400 in two years. A person can use that money to pay down their mortgage or towards personal debt which I am a fan of.
When I am posting the fees for a Good Faith Estimate, it keeps stating invalid dollar amount. Please advise.
This is a good question.What we have discovered is it depends on the builder and how educated you are as a buyer. If you are very educated and know what you are doing, then more than likely you can do it on your own. Some builders do have enough money allocated for the buying and selling real estate agent. For example, there is one builder in our community who will pay the extra amount to the selling real estate agent. The client tried to get more of a discount or incentive by not using a real estate agent and the builder would not do it. The builder was going to give the full commission to the selling real estate agent. In that situation, a person should hire a real estate agent and have someone work for them. Some other builders may allow a price cut or more incentives if you do not have a real estate agent working for you. Please do be cautious as you go this route. They may inform you that you are getting a deal but you really are not.
I do strongly suggest that you ask around. BBB is a great place to check and see if a business has had any complaints. The only caution with BBB is not all good businesses pay to be listed with them, but again you can check and see if there are any complaints. Do google a business to see if there are any comments on them.
A good Loan Officer will not just place a client in a loan without analyzing what is important to them. We have had clients that we analyzed utilizing the accelerated mortgage programs. For some of them it worked out great due to them not being financially savy to float the money back and forth, aka playing the numbers game. It also helped them budget and stay on track. It did inform them how much down to the penny to transfer over. On the otherhand, we have some clients who have spreadsheets and are savy. One client can figure it all out in about 5 hours per month. These clients it is not beneficial for them. On the otherhand, we have some clients who do not care about paying down their home but they want to invest all of their extra money in investments. Then we have some who want to pay down their home and save for their financial future. We currently enjoy working with WEXL for our clients who do utilize both of those aspects. Again, it does come down to what is important to the client, to then show them their options and let them decide what they want.