This topic contains 21 replies, has 4 voices, and was last updated by Anonymous 7 years, 10 months ago.
- May 6, 2011 at 11:21 am #207806
Can any one tell me where to get a fillable Good Faith Estimate form for a loan?
I puchase property regularly and the Good Faith form would make it easy for me to analise different finacing senario’s if could enter the info myself. if you could e-mail me a fillable one to email@example.com it would be appreciated.
- May 6, 2011 at 11:29 pm #263386
What do you really need with a GFE form? I can send you one, but if you do not know what to put where- the form doesn’t really matter. The basic pieces of it that matter are:
1. interest rate
2. loan term or years
3. lender fees- no way you can know this
4. title fees- would be the same on any product so don’t really help in evaluating a loan product
5. government charges- also will be the same on any loan product
6. impound account- again the same
7. pre paid interest- again the same
The only things you really need to know in evaluating different loans are what is the rate and term of the loan, and what are the lender fees if any. The rest of the items on the GFE will be the same regardless of what lender or loan product you choose. If you really want a blank GFE, send me an email and I will forward one on to you.
- May 6, 2011 at 11:32 pm #263664
I could email you one but unfortunately you do not fill them out if you are the buyer or the seller or for that matter anyone but an Escrow Officer or an assistant if she is capable of figuring all the figures that go on there.
Worked Escrow for 4 years, now Mortgage Associate / Property Locator.
- June 10, 2011 at 7:46 am #438525
A mortgage loan professional is just like anyone else who gives you advice or an opinion. You take it or leave it. If you want someone trustworthy, talk with friends, relatives or other people who have had good experiences with them.
- June 10, 2011 at 7:46 am #438526
A good mortgage broker can offer you a number of choices and find the mortgage that best fits your needs. You can choose the mortgage that is least costly or that fits your requirements better than others. Some lenders are inflexible and their offer may not suit you but they don’t want to adjust. Others may adjust to fit the terms you want.
- June 10, 2011 at 7:46 am #438527
You really should not trust most of them. There are very few requirements to get the job and it attracts MANY unethical people. Trust one that your family or friends has used in hte past.
Do not forget they do not get paid unless they earn a commission. Also, not all banks offer equal commission, some will push the loan on you that means the most pay for them.
Never use one you can not meet face to face.
- June 10, 2011 at 7:46 am #438528
The question was, “why should i trust the advice of a mortgage loan professional?”, and the answer should be the same as the last time you asked it! You shouldn’t! Make sure you understand what they are offering you, and then check out the other options available to you. NEVER BUY INTO what they are selling automatically, there are always other options and one of them may be better for you! Rates, points etc…….Be studious and check them all out! Good luck!
- June 10, 2011 at 7:46 am #438529
Personal issue. However if you rely on any advice given by a professional with whom you have entered into a relationship with and you act on such advice and you are harmed by acting and relying on such advice, guess what; that professional is in big trouble legally and financially.
- June 10, 2011 at 7:46 am #438530
it really depends what the advice was….if he was telling to do something that is OUT OF HIS LEAGUE (health insurance, life insurance, securities, stocks, bonds, mutual funds, etc) then no.
I worked at BofA, and not many people knew what they were talking about FACE TO FACE. The only way to know is to actually do some research yourself….or ask for 2nd opinions.
Many people meet Face to Face…and it’s all a joke. You wouldnt know if they were lying or didnt know what they were talking about if they were on the phone, in person, in India…
- June 10, 2011 at 7:46 am #438531
Nothing says you “should”… take your information and make your own decisions. To be fair, make sure this loan professional has all details disclosed by you… a full 3 score credit report, a full application, and all income and asset information. With this, your professional can give you accurate program and rate info for what you QUALIFY for.
- June 10, 2011 at 7:46 am #438532
My motto is if you don’t know them personally don’t trust them. They are out for the commission they make so do you homework before you committ to a specific person or company.
- June 10, 2011 at 7:46 am #438533
This question is best answered with another question. Why should anybody trust your advice about whatever your area of expertise might be?
- June 10, 2011 at 7:46 am #438534
You should trust the information that they give to you, but verify it. They can not really tell you something that will not be in the contract, so it will be in writing for you to look at. And they will be on record for everything they have told you.
Every aspect of the transaction is going to be in writing, so make sure you look it over and verify that what the mortgage loan professional told you, is correct on the contract.
In most cases if you refinance your house you usually have three days to void the contract. Especially if you signed the paperwork in your home.
- June 10, 2011 at 7:46 am #438535
I might ask, why should you trust a doctor when considering treatment for a medical issue?
A true mortgage professional, someone with training and experience, can help you review all of your options so that you may choose the loan best suited to your individual needs and goals.
Personally, I have over 450 loan products available. It would be impossible for the average consumer to analyze all of these products in a timely manner and to fully understand all of their potential ramifications and/or benefits.
My job is to listen to my clients so that I can help them narrow down the available options, explain all of their available options, answer their questions, and advocate for them in the lending process. That is what I consider to be a mortgage professional’s job. Looking out for your best interests is what I get paid to do.
Sure their are loan sharks and “one hit wonders” out there who take advantage of people, every industry has it’s weak links. If you do your homework, shop not just for rate but for service, and choose your mortgage professional with the same care as you would your doctor or your childcare provider, you’ll be fine.
- June 10, 2011 at 7:46 am #438536
Make sure you do your due diligence and shop around. Find a mortgage professional that is structuring the loan to benefit you and not the institution lending the money. 30 or 15 year fixed mortgages are the very worst mortgage for the consumer. Find a product that allows you to make payment choices each and every month with no penalty.
If you have trouble finding this type of professional let me know and I will be happy to help.
- June 10, 2011 at 7:46 am #438537
Why trust your doctor when you go to him for advice on your health? Why trust your lawyer when you go to him for advice on legal matters? Why trust your tax preparer when you are getting tax advice for filing your income tax? Why do you trust your minister to give you good spiritual advice?
We trust other professionals because we can not be a professional in all things necessary to make life easy for us.
What ever profession you are in others trust that you will give them competent advice,make a superior product or whatever you do.
My advice to you in selecting any one to perform any type of professional work for you is to interview about 3 individuals, after which you select the one that you think is more professional, or the one you feel more comfortable working with.
Like any professional field you find that you need help there are all types.
I hope this has been of some use to you, good luck.
- June 10, 2011 at 7:46 am #438538
That is a very good question i must say…
I am a mortgage broker myself, and i find this a common problem.. I work with a nationwide lender so i sit at my office in Chicago, and close loans for people in Florida, California, etc.
Now, this is a big issue in the time we are in because all financial institutions are moving towards a direct approach, so that they to can cover all of the US…
As the last response said, you can only trust family and friends… Honestly there is truth in that.. You can only REALLY TRUST them because you know them, their family, their friends, etc..
But…..What if you dont have any friends and family in the mortgage industry? What do you do then?
Do you ask a friend if they know someone?????
Here’s probably the biggest issues now a days… THe thing to remember is that all lenders have different guidelines in which they lend money.. WHat a friend of yours qualified for, and they type of Mortgage loan they received may NOT BE THE RIGHT LOAN FOR YOU!!!
if they have different employment and income, credit, cash flow, home value, etc. then there are a lot of variables…
One of the most common things i hear is ….”well my friend told me i should get …” Or ” Ive heard that you should NEVER get a ….” These are very common and usually pertain to different types of mortgages like Adjustable rates or interest only loans…
For someone that will be in theire house for 15 years, they dont want an ARM or interest only…
But someone that plans to move in less then 7 NEEDS an ARM…or an interest only may be a smart option…
The thing is that you cant always TRUST your friends advidce either because you may be in completely different financial situations…
HERES WHAT YOU CAN DO IN REGARDS TO TRUST….
LOOK UP THE POTENTIAL BROKET ON THE BETTER BUSINESS BUREAU…SEE IF THEY HAVE ANY UN RESOLVES COMPLAINTS OR ISSUES..
ALSO, MAKE SURE THE INDIVIDUAL LOAN OFFICER IS LICENSED!!!!!!!!!
THIS IS A MAJOR ISSUE BECAUSE COMPANIES SIGN OFF LOANS FOR UN LICENSED LOAN OFFICERS…
let me just tell you from experience though…there are alot of ethical, moral, and trustworthy bankers and brokes out there that take pride in doing their job.. Myself, i feel grateful tpo help someone buy their first,2nd, or 3rd home… It feels good to help someone get out of a financial bind, and refinance their house to pay bills, pay childrens student loans, cash out to fix household problems that are in need of repair, etc…
Just make sure that when you talk to the person on the phone, you feel comfortable talking to them… You can usually sense how trustworthy someone is just by how they talk to you…
If you want more advice, or even mortgage assistance form someone who does take pride in this profession, feel free to call me…
My name is Jason Fry, i work for Providential Bnacorp, a nationwide mortgage lender.. You can call me direct at 312-264-6448, or email me at firstname.lastname@example.org
Ive included links so you can research myself, and my company if you choose…
Licensed Mortgage Specialist
- June 10, 2011 at 7:46 am #438539
You do not have to trust them. You can compare a few offers and then decide which one is the best for you.
- June 10, 2011 at 7:46 am #438540
Trust but verify. Apply for a back-up loan just to make certain. Don’t pay anything up front except maybe a credit check. Only the ones who can’t deliver what they talk about will get offended.
Here’s a two part article on some of the games that get played:
- June 10, 2011 at 7:46 am #438541
The people who have been in the business for a while know that in order to get ahead, they need to do the right thing by people. That way, after closing, your client comes back to you – and also tells his/her friends, family, and neighbors what a nice experience it was. Any good loan officer obtains most of his business through referrals.
- June 10, 2011 at 7:46 am #438542
Would you trust a doctor, lawyer or anyone else that is a professional? Of course you would, you might get a second opinion but you would trust them. So why wouldn’t you trust a mortgage professional? Most of us have years of experience and knowledge to help you over come potential problems to help you obtain your dream home or help you get out from under huge amounts of debt. I take my profession very seriously and have helped hundreds of people in all walks of life. Yes I make money but doesn’t everyone? I understand people look at certain professions as bad people but there are truly good people in every profession the key is finding them.
- June 10, 2011 at 7:46 am #438543
If you are shopping talk to a few (2-3) different lenders. DOn’t get so hung up on rates. Fees are where people get taken at times. Most mortgage professionals should be giving you good advice. The first answer you got sucked. Yes mortgage people are out to make money. It is called our job and we have bills and food to buy as well. That being said if we want repeat buisness or referrals we will most likely take very good care of you and make sure you feel comfortable in your loan. Ask for options. Good luck.
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