sdavis@gonorton.com
      (770) 235-6907

    Lake Lanier Homes for Sale | Sheila Davis Group -The Norton Agency | Leading Lake Lanier Real Estate AgentsLake Lanier Homes for Sale | Sheila Davis Group -The Norton Agency | Leading Lake Lanier Real Estate Agents

    LAKE LANIER REAL ESTATE – We are the #1 Lake Lanier Realtors, 20 Years selling Lake Lanier Homes for Sale - We help both Buyers and Sellers, Call today for a no-obligation home consultation 770-235-6907. Top Lake Lanier Real Estate, LakeLaniersFinest.com, Leading Agents Lake Lanier

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    Know the Numbers

    [Financing]

    Credit Report

    Typically, it costs under $50 to check your credit. With your permission the lender will order a review of your outstanding loans and your repayment history from a third party credit agency.

    Application / Processing Fee

    This cost, typically a few hundred dollars, is charged to cover the lender’s work to evaluate your ability to repay the loan. Some lenders will credit this back to you upon closing.

    What is APR?

    The APR, or annual percentage rate, is the sum total of all your borrowing costs expressed as a percentage interest rate charged on the loan balance.

    For example: After fees, the original interest rate quote of 5.875% might work out to a 6% APR loan, where the interest costs about $6,000 per year for every $100,000 borrowed, and the principal payments are calculated based on the length of the loan term (for example 15, 20, or 30 years).

    Indexes

    The interest rates on variable loans readjust periodically based on changes in an index. Typical indexes include the Federal Funds Rate, Treasury Bill.

    Points

    When mortgage companies are competing by offering lower interest rates, they may charge you a one-time pre-paid interest payment calculated as a percentage of the loan. Called points", this may range from 0.25% to 2% of the loan balance, and is usually paid up front. Points are tax-deductible; consult with your tax advisor.

    Appraisal Cost

    Lenders hire experienced, often independent appraisers to evaluate the property’s purchase price, condition and size compared to similar recent neighborhood sales. This helps ensure the purchase price is not too high, and gives the lender more confidence in getting repaid in the event they are forced to sell the property if the borrower defaults. The appraisal costs vary depending on the property, type of appraisal, and region.

    Miscellaneous Fees

    Expect to see various charges incurred in the processing of your loan which might include notary, courier, and county recording fees.

    Prepayment Penalties

    These vary widely, so be sure you know in advance if your lender will charge a penalty if you refinance or sell, and the certain period during which the penalties apply.

    The Sheila Davis Group is part of The Norton Agency

    The Norton Agency, Gainesville, GA
    434 Green Street
    Gainesville, GA 30501   Copyright  © 2023
    Sheila Davis Group, All rights reserved
    770-235-6907
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    Sheila Davis Group Lake Lanier Real Estate Georgia

    The Sheila Davis Group is

    part of The Norton Agency

     

     

    The Norton Agency, Gainesville, GA

     

    434 Green Street

    Gainesville, GA 30501

     

    Copyright  © 2023

    Sheila Davis Group, All rights reserved 770-235-6907

     

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