asking for a good faith estimate when shopping for a mortgage loan?

Tips and Deals Forums Home Mortgage asking for a good faith estimate when shopping for a mortgage loan?

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This topic contains 3 replies, has 3 voices, and was last updated by  Anonymous 8 years, 6 months ago.

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  • #418165

    Anonymous

    I’ve been in the mortgage business for seven years. If you find out where you can get a US residential mortgage loan for a non-US property, please let me know!

    Rick

  • #200588

    Anonymous

    Is there something fishy or is this standard if you ask for a good faith estimate from a loan officer and he wants you to turn in documents first before he gives it to you? I’ve asked other mortgage companies and the others were willing to give it to me before I turn in paperwork (I already gave him info over the phone and he has pulled up my credit score), but this guy won’t until we turn in all our documents to fully apply for a loan.

  • #260643

    A good faith estimate is required to be provided within 3 days of application (as defined by the FDIC.gov as “Application means the submission of a borrower’s financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the borrower’s name, the borrower’s monthly income, the borrower’s social security number to obtain a credit report, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any other information deemed necessary by the loan originator. An application may either be in writing or electronically submitted, including a written record of an oral application.”).

    lenders are reluctant to issue GFEs prior to actual application because the info is subject to change when the real info is submitted. Also, federal standards are so strict on the “start of the clock” that in order to keep everything in line and not risk failing to comply, the lender may have very specific rules

    The other possibility is that you are going to a broker and not a loan officer. A broker shops your loan to different lenders so he/she may not be able to estimate the fees until he/she knows which lender they will submit your loan to

  • #261698

    Anonymous

    This does sound fishy, a good faith estimate is what you amount you are approved for in terms of buying a home, however there is nothing written in stone Caveat emptor “buyer beware” there are usually TONS of junk fees associated with your good faith estimate.

    There are ways you can get physical cash back ($1k-$5k) at closing with using just a broker.
    Most Realtors will not tell you this because it comes out of their commissions which you pay for!

    If your interested in knowing how email me and I will send you the information.

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