Business July 13, 2011 THE VILLADOM TIMES II • Page 9 Ethan Z. Chandler, Bank of America northern New Jersey consumer market executive, recently presented Sister Gloria Perez, PBVM, executive director of Eva’s Village with a check for $40,000 to support Eva’s Village’s Job Readiness Program. The program is committed to creating meaningful change in the local communities through philanthropic efforts, associate volunteerism, community development activities, and investing, support of arts and cultural programming, and environmental initiatives. Eva’s Village comprehensive continuum of care includes helping a person move from homelessness to a productive place in society. The Job Readiness Program is one of the many ways Eva’s Village assists clients. A unique feature of this program is that clients receive job training, workplace skills, and on the job mentoring, during a comprehensive program designed to move them from poverty to self-sufficiency. This program is tailored to the special needs of Eva’s clients. Eva’s Village (www.evasvillage.org) is a Paterson-based comprehensive, social service organization with a mission to feed the hungry, shelter the homeless, treat the addicted, and provide medical care to the poor with respect for the human dignity of each individual. Originally a New Jersey soup kitchen, Eva’s Village was founded in 1982 by Msgr. Vincent E. Puma in response to the increasing incidence of homelessness in his Paterson parish. Msgr. Puma soon realized that a soup kitchen was not enough. With the generous support of thousands of donors and private and government grants, Eva’s has grown into the most respected anti-poverty program in New Jersey. Eva’s Village gets support from bank Employees of Bank of America (Glen Rock and Belleville/Washington) flank Ethan Z. Chandler, northern New Jersey consumer market executive, Bank of America; Sister Gloria Perez, executive director, Eva’s Village; and Enrique Tarazona, northern New Jersey consumer market manager, Bank of America. Closing on a home often involves signing a stack of papers, much of which is difficult to understand. It’s no wonder that many people are surprised by some of the mortgage closing costs. In fact, the average origination and third-party fees on a $200,000 mortgage total nearly $4,000, according to a Bankrate survey. With that in mind, the New Jersey Society of Certified Public Accountants recommends taking these steps to ensure that you understand closing costs and are in a position to minimize them wherever possible: Do Your Homework Before you even get to the closing, shop around for a loan so that you are aware of what is available and who has the lowest rates and fees. While cutting closing fees is a great idea, keeping a lid on your total loan costs can save thousands of dollars over time, so be sure to compare offers. Even if you are not an actual customer yet, many banks will offer an estimate of closing costs at this point, so ask for one to get an idea of what your overall loan costs will be. If you have any questions about what is included, it is also great to get your answers in advance so that you understand the process. Get Your GFE Lenders are required to provide borrowers with a good faith estimate of potential settlement costs no more than three days after you apply for a loan. However, the final charges may legally be as much as 10-percent higher than what is shown in a GFE. If you believe the fees in a GFE are too high, don’t be afraid to challenge the lender and make it clear that you might take your business elsewhere if they are unwilling to negotiate. The GFE will also establish the loan amount, term, and interest rate, and spell out any penalties or special loan features. Ask the lender to explain any terms or fees that don’t make sense to you. Get the Final Tally Remember that the GFE is only an estimate. Before the closing date, ask for a list of final settlement costs and compare them to the original GFE. If there are some notable additions or changes, be sure to question the lender about them. (continued on page 12) Making sense of closing costs