Should I sell my home with a Realtor or on my own?

This is a very common question asked by many Americans. While the cost of utilizing a Realtor can be quite costly, using a Realtor can save you both a lot of time, aggregation and money. However, there is not clear cut easy answer to this question. Whether you decide to sell your home on your own or with a Realtor truly will depend on what you and your family decide is in your best interest and how much time and effort you are able to put into selling your house. There are many advantages and disadvantages to both ways of selling your home. The majority of people who try selling their home on their own end up listing with a Realtor though. Consult your mortgage loan officer to assist with any further questions you may have.

Why is my payoff so much higher than my mortgage loan balance?

There are many reasons as to why your payoff balance is higher than your current loan balance on your mortgage statement. The first reason is that interest accrues on your mortgage loan each and every day. When you receive your monthly statement, the balance on there reflects the loan balance on the day the monthly statement was prepared. When you have a payoff prepared they take into account the interest for every day up until the mortgage loan is paid off in full. Another reason the payoff may be higher is because of certain fees your lender charges that are associated with your payoff. Some of these fees may include, but are not limited to a statement fee, unpaid late fees, recording fee, etc... Finally, one last reason your payoff may be higher that your loan balance is because you may have a pre-payment penalty associated with your current mortgage loan. If you have a pre-payment penalty and you pay your loan off before the pre-payment penalty expires you will be assessed a penalty. If you have any further questions or need any further help please contact your personal mortgage loan officer at the phone number or email listed above.

What is a good faith estimate (GFE)?

A good faith estimate is an estimate of the closing costs for your loan. By law, you must be provided a good faith estimate, and the accompanying truth in lending statement, within three days of applying for a mortgage loan.

What is a Yield Spread Premium?

A yield spread premium is a form of mortgage broker compensation that is paid by the Investor in exchange for offering a particular loan program and interest rate to a borrower. This compensation is paid outside of the closing but is disclosed on the HUD settlement statement and the Good Faith Estimate.