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Several years ago the U.S. Congress tried to protect consumers from a few unscrupulous lenders by requiring all lenders to calculate and disclose the annual percentage rate (APR) you pay on your mortgage loan. But most homebuyers will learn more by directing their attention to the Good Faith Estimate of Settlement Costs (GFE). Although Congress meant well, in practice the APR is not helpful and may be confusing.

If you are looking for a good way to understand your costs of borrowing and/or to compare one lender's costs to another, the GFE is your best bet. Get your lender(s) to provide a written GFE before you commit your mortgage business. When reviewing a GFE, keep in mind that the lender actually controls only a certain portion of the disclosed costs. Other parties typically control costs of appraisal, settlement, title insurance, recording fees and taxes, survey, and the "prepaid" expenses of homeowner's insurance, mortgage insurance, real estate taxes, etc. Review these origination fees, discount points, etc. and you will have the ability to understand the full costs of your proposed mortgage loan.

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Adam Lytle
Realty Executives SB
2250 Hospital Drive #248
Bossier City, LA 71111
Mobile: 318-773-0063
Office: 318-746-8000
Fax: 318-746-8988
adam@teamlytle.com

*Recognized by SB magazine as one of the top agents in Northwest Louisiana *Member of the 100% Club with Realty Executives. *Honored as a member of the Executive Club within Realty Executives. *Recognized by Realty Executives in Bossier City as its top individual agent for the calendar years 2010 & 2011. *Expertise in residential, commercial, land, foreclosures, short sales, & new construction. *Member of the National Association of Realtors & the Northwest Louisiana Association of Realtors. *Owner of a real estate investment company. I have been a member of the Shreveport/Bossier community since 1980 & have built a reputation over the last 8 years as a hard-working, knowledgeable agent throughout Northwest Louisiana. If you are a homeowner preparing to sell, I'll create a customized marketing plan that will enable you to achieve the goals that you have set. On the other hand, if you are thinking of buying, I'll introduce you to my exclusive buyer program which is designed to identify "secret" properties at wholesale prices. I look forward to helping you achieve your goals!

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