Posted by Charles Clark on January 07, 2003 at 09:40:07:
HI Mel,
I think that someone at the office has one, I will either send it to you or let you know that I do not have one.
Charles Clark
neiloans@hotmail.com
true Mortgage comparisons - Posted by Mel
Posted by Mel on January 07, 2003 at 08:54:09:
Hi,
Does anyone have a website recommendation(or perhaps a spreadsheet they’re willing to share) that will accurately compare mortgages? I’m trying to include closing costs, origination fees, and of course the rates so that it is a true apples to apples comparison.
Any help would be greatly appreciated. Thanks!
Re: true Mortgage comparisons - Posted by RobH_WA
Posted by RobH_WA on January 07, 2003 at 14:03:30:
From a recent post on the Cash Flow forum:
http://www.north-coast.net/wholesale/MortgageCalc/APRCalc.asp?From=main
If that doesnt work for you then take a look at these alternative calculations:
http://www.decisionaide.com/mpcalculators/menus/MP_Calculators.asp
HTH
Re: true Mortgage comparisons - Posted by GMann
Posted by GMann on January 07, 2003 at 12:33:40:
Just look at the TIL (Truth in lending). This will show you the true cost of funds for borrowing (excluding the third party fees, appraisal, title, government fees)
The flexable costs that are included in the TIL calculation are:
Origination and Discount points
All other lender fees
Prepaid interest
These fees are prorated for the term of the loan and added to the interest charged. Those numbers added together are recalutated into a percentage rate called an APR (Annual percentage rate). That number is true cost of funds for the term of the loan.
Now that the TIL is explained, just ask the mortgage company to send a Good Faith Estimate and Truth in Lending (federal law requires both documents to be mailed by the 3rd business day) and you can quickly see the difference.
Happy hunting