Jamie
Byron,#2Consumer Comment
Sun, December 02, 2007
Currently i am financing my first home through a Stockton Turner branch in Georgia. I would not hold this bad experience against the company but the individuals as i have had an excellent experience with them. My loan advisor has bent over backwards to make this happen for us. If you have your mortgage and taxes in escrow you will pay that at the closing as well as fees incurred with the people that made this process possible alot of people don't understand the process and can't figure out what the money is needed for. This is not for the actual loan itself but fees for other things. Everyone home buyer pays them. The good faith estimate, however, should have been provided in the beginning of the process. i received mine before I even formally applied for the loan. That is how estimates should work so you can determine if this is something you can afford just like any other business or if you need to find a cheaper solution elsewhere. John was wrong in that part. I have a week until my closing and do not know the final amount needed yet, due to the fact that the actual contract is still being drawn up and the final numbers aren't in. They should have given you more warning however or atleast a general estimate of what you would need before then.
John
Tampa,#3UPDATE Employee
Fri, August 10, 2007
Anytime you get a mortgage you have the option of having escrow or paying your taxes and insurance on your own. If you chose escrow that money will have to be collected at the time of closing which is NOT considered closing costs. A good rule of thumb when purchasing a home is 6% closing costs based off your loan amount. In your case your loan amt was 168,540(not 159,000) x 6% =10,112.40 (not 9,540)plus your escrow money that needed to be collected at closing. Lenders/Brokers do NOT receive all the closing costs. There are many other fees from 3rd parties including but not limited to Title Company, underwriter, processor, recording fees and taxes. At STS Lending, we take pride in making a difference in people's lives. We're proud each time we give someone the money they need to purchase their first home, especially when they've been turned away by other lenders.