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I am a contributor on the HSH website, writing mortgage pieces for the wider internet crowd. This week's piece is now live.
Today's article is titled "Prepaid items vs. closing costs--what's the difference?". You can read the full article on the HSH website. It talks about the difference between prepaid items and closing costs, and how to compare Good Faith Estimates.
An excerpt:
There's no doubt that mortgage settlement statements can be confusing to the layperson. There are no instructions to explain the forms, and the document bears little resemblance to the Good Faith Estimate.
For all of its line-item fields, though -- and there are 143 of them (!) -- the areas that tends to confuse homeowners the most are the ones collectively known as "prepaid items."
Prepaid items are not closing costs.
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Mortgage rates have dropped to all-time lows again. There's great deals out there. Even ones with no closing costs. And when you know how to separate a closing cost from a prepaid item, you'll be a smarter, better rate shopper.
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Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
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