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Financing Roadmap



Jo Ann Webley CRS, CDPE, CLHMS
Direct: 602.579.5300



Cheryl Martin ABR, CDPE,
REO Certified
Direct: 602.619.5300

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Financing Roadmap

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.

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© 2017 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Information deemed to be reliable but not guaranteed. Real estate listings held by brokerage firms other than RE/MAX Alliance Group are marked with the ARMLS logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Only IDX residential listings are displayed on this site. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify perspective properties consumers may be interested in. This site will be monitored for 'scraping' and any use of search facilities of data on the site other than by potential buyers/sellers is prohibited. Information last updated on 2017-07-27.

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Jo Ann Webley & Cheryl Martin
Your Double Agents

RE/MAX Alliance Group
The Premier Office
725 W Elliot Rd., #111
Gilbert AZ 85233


Jo Ann Webley
Owner/Associate Broker
CRS, ABR


Direct: 602.579.5300
JoAnn@YourDoubleAgents.com


Cheryl Martin
ABR, REO Certified

Direct: 602.619.5300
Cheryl@YourDoubleAgents.com

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Jo Ann Webley & Cheryl Martin - "Your Double Agents"
RE/MAX Alliance Group - 725 W. Elliot Rd., #111 Gilbert, AZ 85233 | Contact 602.619.5300