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Golden Gate Mortgage We are here to help you to find the best home loan with a reasonable cost!
www.GGMortgage.com 303-422-8899 |
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Estimated Loan Closing Cost?House, Townhome or CondoFirst part 1 to 2% Origination Fee (depends on the loan amount) Appraisal Fee (depends on what kind of Appraisal) $400 to $500 Credit Report Fee Tri-merge Single Report $40 Tri-merge Join Report $50 Processing Fee $350 We will show you our Rate sheet and you choose your Rate
0%-1% Yield Spread Premium (this is the fee Lender pays Golden Gate Mortgage) $500 to $700 Lenders Administration Fee (this fee goes to Lender) Second part Pre-Paid like: Insurance & Property Tax for reserve (these fees go to borrowers escrow account) Third part Title Insurance, Closing Fee, Courier Fee & Fees for other necessary Legal forms for Closing Forth part State/Local Taxes
Always compare our Good Faith Estimate with others
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Always ask for your Good Faith Estimate “GFE” after your loan interview By law we must provide you with GFE with in 3-days of your loan application
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Good Faith Estimate Consists of 3 section 1- Closing Cost 2– Prepaids (Hazard Insurance & Property Tax) 3– Title Charges & Legal Fees |
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Call us for your Mortgage questions No obligations! |
Use ourservices& save………………. |
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Golden Gate Mortgage 303-422-8899 Al@GGMortgage.com
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How is Your Credit? Excellent 750-850 Good 660-749 Fair 620-659 Poor 400-619 Don’t Know? Call me 303-422-8899
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Good Credit Has Its Rewards The higher your credit score, the less you’ll pay for a mortgage. For example, take the cost of a $200,000, 30-year, fixed-rate mortgage. Here’s a snapshot of what borrowers with varying credit scores nationwide were charged, on average, for this loan on Aug, 05: The difference in cost between the highest credit score and the lowest score eligible for that loan is a whopping $478 a month, or $5,736 a year-which adds up to $172,221 over the life of the loan. To find out what different loans will cost you depending on your credit score and what state you live in call 303-422-8899 or Click on:
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Credit Score
720-850 700-719 675-699 620-674 560-619 500-559 |
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Monthly Payment
$1,173 $1,189 $1,258 $1,413 $1,542 $1,651 |
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APR
5.793% 5.918% 6.456% 7.606% 8.531% 9.289% |
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Total Interest Paid Over 30 Years
$222,141 $227,888 $253,008 $308,671 $355,200 $394,362 |
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Do Your Homework Before Buying a Home Many people dive into homeownership without knowing about resources that could save them a lot of money and time, according to the Department of Housing and Urban Development. We recommend the following:
1– Check your credit before a lender (Mortgage Broker or Broker) does. Consider contacting three of the nation’s largest credit-reporting agencies: Equifax, Experian & Trans Union. 2– Be ready to present documents a lender or mortgage broker is likely to request. A summary of your monthly expenses, employment history, wage history, W-2’s or tax returns is a good start. 3– Determine how much home you can afford given your income and monthly expenses. 4– Consult with one of our Loan Officers. You can call 303-422-8899 or visit our Loan Officers Page on this web site. |
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CREDIT ANSWERS
What is a Credit Bureau? A credit bureau is a company that gathers information on customers who use credit and sells that information in the form of credit reports to credit grantors, such as banks, finance companies, and how regularly these debts are repaid.
What is a Credit Score? A credit score assigns a numerical value to the various items of information wee consider in evaluating a credit report. These numerical values are based upon the analysis of repayment histories of large numbers of consumers. Various factors are used to determine the borrower’s credit score number, including, but not limited to, length of credit history, derogatory credit history, proportion of available and current credit balances, number of open accounts, number of recent inquiries, and number of recently opened accounts. There are several types of credit scores available and a borrower’s score may vary depending on the type of score a lender requests. Generic credit scores were created for general use in making lending decisions and are based on credit data only.
Generic Credit Scores FICO (Fair, Issac, & Company) Scores are one type of generic credit score. FICO scores range from approximately 400-900. The lower the score, the greater the risk of default. Examples of FICO scores include Equifax BEACON, Trans Union EMPIRICA and Experian/FICO (formerly TRW/FICO).
Benefits to the Consumer Credit scores speed up loan approvals to borrowers with high credit scores. |