Number 1 includes Bank Fees, Broker Fees, Appraisal Fees, Credit Report fees, etc. For now, you do not need to pay attention to these names. Just get the summed total. These fees fall under the heading “Section 800” (801-817). This is the only section that banks and brokers can attach their own fees and charges.

Number 2 refers the fees charged by a Title Company and possible Attorney. For now, you do not need to pay attention to the names of these charges, just get the summed total. These fees fall under the heading “Section 1100” (1101-1110). This is the only section where title companies can attach their fees and charges. The fees associated with title work vary from state to state.

Number 3 refers to the fees charged by the Government, such as Recording Fees and Transfer Taxes. These fees fall under the heading “Section 1300” (1301-1305). Your Realtor can easily provide this information to you. The fees in this section also vary from both county to county and state to state.

At MQLC, you can be assured that we keep things simple for you.


What makes one ARM different than another ARM if the start rate is the same?

The following six questions are all you need to answer when comparing Adjustable Rate Mortgages.

1. What’s the loan's index? For example, LIBOR, T-Bill, COFI, COSI, etc.
2. What’s the lender's margin? For example, 2.75%, 2.5%, 2.25%, etc.
3. What’s the First Adjustment Rate Cap?
4. What’s the Annual Adjustment Rate Cap?
5. What’s the Lifetime Adjustment Rate Cap?
6. How often does the rate adjust? For example, every 6 months, 12 months, etc.

It’s difficult to quantify the best answers to these questions. Generally, the lower the index, margin, and caps are, the more aggressive the loan is. However, it is really a question of what is most fitting for your particular situation.

At MQLC, our talented loan officers will analyze your current needs and future goals and objectives before suggesting a particular ARM program. This insures that you get the right loan program for the right purpose.

Why do Conventional Loan Rates vary so much, even though they are assured by either Fannie Mae or Freddie Mac?

There are other intermediaries that are involved here. Fannie and Freddie are only the assurors. There are the servicers, and then the banks or bankers, and then the brokers. The difference in pricing comes from what yield spread premium each level is seeking and what economic and financial conditions are being considered.

At MQLC, we are both a banker and broker. This gives us an advantage, since we can price your mortgage loan directly with the servicer or a multitude of other bankers across the US, in order to find you the best price.

How can I better understand APR and it’s meaning?

The Annual Percentage Rate is intended to inform you how much it costs to obtain a loan at the present day, taking into consideration the length of time you may have the loan for and the bank fees that you pay in order to obtain the loan. To clarify, look at the following an example. If you borrow $200,000 and the Section 800 Fees (see above) total $1,000 for a rate of 6.5% on a 30 Year Fixed Rate Mortgage, your monthly payment is $1,264.14. Here’s where the APR logic kicks in. You are not “really” receiving $200,000 from the lender, rather you are “really” receiving $199,000, but your payment remains at $1,264.14 monthly based on $200,000 at 6.5%. Therefore, since you make payments based on $200,000 but “really” receive $199,000, the interest rate must be higher to compensate the difference, close to 6.55, which is your APR.

At MQLC, we will never leave you confused. That’s a promise.

Is a Good Faith Estimate a promise or guarantee of costs?

As self-defining as it is, there are still many consumers out there that think that a GFE is a promise or guaranty of fees. It really isn’t, it’s just an estimate. Once you take the time to read the top and bottom of the form, it’s really saying that nothing on this piece of paper is a promise, guarantee, or commitment.

At MQLC, we will give you a GFE plus a written promise of the fees we do have control over, so that there is no confusion.


What will MQLC do for me to earn my business now and in the future?

This is really a question you have to ask yourself. Money Quest will do what ever it takes to earn your business, within reason of course. 0% is out of the question. You just have to let us know what’s on your mind.

At MQLC, all of our clients are well serviced and know we are here for them every step of the way during the mortgage process and whenever future mortgage needs arise.