Tag Archive for: loan estimate

Understanding APR vs. Interest Rate

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When comparing loans, the APR is an invaluable tool. It's not just about the rate of interest; it's about the overall costs of a loan. By factoring in additional fees and costs, APR provides a more comprehensive picture of what you’ll actually pay. This is crucial for making informed decisions, especially when comparing loans with different structures and fees.Read More

How To Read a “Loan Estimate” (LE); Where and How To Look

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I received numerous requests to put together a breakdown of how to read an upfront Loan Estimate (LE) as a reference to help analyze quotes or LEs from other lenders to: (1) avoid surprises; and (2) learn how to accurately compare LEs. So, I asked JVM’s Senior Managers to list out what everyone should watch for, based on what our team has learned from reviewing thousands of Loan Estimates. The below info is what they put together. I should add too that the blog is actually very short, but only appears long because of all the screenshots.Read More

5 Misleading Rate Quote Tricks To Watch Out For!

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This is a surprisingly common occurrence: A buyer comes to us with a ridiculously low rate quote from another lender and insists that we match it. We then ask to see the Loan Estimate (LE) that sets out all the fees. And – invariably, we find $10,000 of points or origination fees buried in the loan. The confused buyer, however, thought she was getting a “no cost” loan. Read More

How To Get A Mortgage Loan Estimate in Texas

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A mortgage lender will help educate you about home loan estimates and ensure you are receiving the info and costs needed for your unique situation. In this blog, we’ll give an overview of the process of finding and using a mortgage lender in Texas, and elaborate on how a Loan Estimate plays into getting your mortgage.Read More

How To Get Mortgage Loan Estimates in California

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A mortgage lender will help educate you about home loan estimates and ensure you are receiving the info and costs needed for your unique situation. In this blog, we’ll give an overview of the process of finding and using a mortgage lender in California, and elaborate on how a Loan Estimate plays into getting your mortgage.Read More

TRID Explained Again; Not That Serious; A Few Days of Delay

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TRID goes into effect on October 3rd, as most people know. TRID replaces the “Good Faith” and “Truth In Lending” with a new document called a “Loan Estimate.” The Loan […]Read More