Financing in Naples>Question Details

Abigail Buss…, Home Buyer in Oak Park, IL

New Good Faith Estimate??

Asked by Abigail Bussard, Oak Park, IL Wed Feb 15, 2012

Hi,

I signed and returned a good faith estimate about 3 weeks ago that included points, etc. My lender told me that depending on if I can get the 3 rental properties I own qualified as rental income - I may not have to pay points on the loan. Now that I have my tax return back showing the rental income, they are going to re-run the numbers. Should I get a new GFE sent to me showing the updates if I don't have to pay those points? I am supposed to be closing in 3 weeks....

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Yes, they are required to give you an updated GFE and TIl.
1 vote Thank Flag Link Wed Feb 15, 2012
Ally,

In every transaction that I have ever been involved in, there are two phrases that make me cringe...

The first is "I've got good news and bad news..."

and the second is "Oh, by the way......"

Generally nothing good comes after either. If you make any changes or your radar goes off that you need to even possibly get a new GFE, do it. With your closing in 3 weeks, it allows you time to reajust, move money, borrow money, change lenders......today you have choices on the outcome that you can manage. If you delay and there is a problem, you may be left with few or even no alternatives....

If you liked my answer, please give me the "Thumbs Up" and reward me by designating me as the "Best Answer"!
Thanks!

Respectfully,

Chris Schilling, ABR, CRS, GRI, CRS
Broker-Owner
Turbo Realty
713.692.7777 – Office
813.607.8073 – Cell
832.201.9782 – Fax
chris@turborealty.com
Web Reference: http://www.turborealty.com
1 vote Thank Flag Link Wed Feb 15, 2012
A new GFE will help you more than it will hurt you. It may not hurt you at all.
0 votes Thank Flag Link Fri Apr 6, 2012
Once your rate is locked you are required to get new disclosures.
What troubles me is that you said: "I signed and returned a good faith estimate about 3 weeks ago"

If you signed something, it wasn't a GFE. There is no place on a GFE for a signature and alterations of the document are not allowed. Beware of some that try to pass off other documents that carry no weight as a GFE.

Ask for an actual GFE and if your rate is locked.
0 votes Thank Flag Link Wed Feb 15, 2012
Is this a refi of these 3 rental properties?
Web Reference: http://www.k3re.com
0 votes Thank Flag Link Wed Feb 15, 2012
Absolutely, always get everything in writing! Plus, I beleive the new underwriting rules and laws only permit lenders to go over the sums set forth in the GFE by a small percentage at closing. A new written GFE is your protection against so many abuses, definitely insist on one.
0 votes Thank Flag Link Wed Feb 15, 2012
You should recieve a new GFE from your mortgage broker disclosing any and all new terms.
0 votes Thank Flag Link Wed Feb 15, 2012
Dear Ally,
I would if it were me, but you should ask your accountant or tax attorney. Particularly with investment properties, it is better to be safe than sorry.
0 votes Thank Flag Link Wed Feb 15, 2012
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