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Accurate Mortgage

A PENCIL Is Needed for Accurate Mortgage Quotes & Pre Approvals To get accurate and precise mortgage interest rate quote or a proper mortgage preapproval or prequalification you need a ...

Protecting Borrowers Through Tech

Mortgage servicing technology has taken some giant leaps in the last year. Tech and mortgage experts have been joining forces to push past the current boundaries of doing business with the aim of strengthening in-house efficiencies, providing faster and more seamless connections for customers to make payments on their mortgage, or staying compliant with the Bureau of Consumer Financial Protection rules.

Some of these technology transitions have been made by other industries many years ago, but for one reason or another, have not transitioned into the mortgage sphere. “Mortgage servicing has been based on outdated technology like mainframes, COBOL, etc., it has been slow to enter the millennial footprint,” Bryce Elliott , Chief Technology Officer for SunTrust Mortgage shared. The company is servicing approximately 900,000 loans.

Cash to close: What is it, how to pay it and how to avoid fraud

However, you probably don’t want to bring actual cash, even if your title company is one of the few that accepts it. Lots of paper money sets off Homeland Security questions about the source of such funds. A cashier’s check, a certified check or a wire transfer will each do just fine.

Down payments vs cash to close

When we think about the money needed to buy a home, the usual measure is the down payment. The down payment is our skin-in-the-game. But it’s different from cash to close.

The real amount needed to close is the down payment plus all settlement costs, minus your earnest money deposit and any credits from the lender, seller or other parties. You can find this figure on page 1 of the Closing Disclosure form (CD) given to you by the lender. You can also see the lender’s calculations by looking at pages two and three.

Additions & Subtractions

It really does take two pages to calculate the cost to close. That’s because a real estate transaction can involve a lot of costs – and a lot of credits. Here are some of the big items to consider.

How accurate are those mortgage calculators when it comes to how much your monthly payment will be?

I'm looking to buy a house and the realty agency that I am looking at has a mortgage calculator on their website. Here are the numbers.

Those are accurate numbers for financing 95,000 for 30 years at 5%. The calculators are only as accurate as the numbers you feed them. A lot of them don't include things like PMI, homeowners insurance and other items that you will have to put in escrow.

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