Home Buying in Orange County>Question Details

Oddvision, Home Buyer in

Comparing Mortgage Loans

Asked by Oddvision, Thu Apr 18, 2013

When do you get the Good Faith Estimate, or the final details on the interest rate and all fees for the mortgage? I have a preapproval letter from one broker that just states my top amount I am approved to borrow, but does not list any interest rates or other information.

Is that done during the offer process? Do I make an offer and then have the different lenders who preapproved me provide their terms for the mortgage so I have to chooses the mortgage after the seller has accepted my offer?

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Lowell Sterling
Mortgage Banker
NMLS# 968898
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Tue May 7, 2013
Yes, you can shop for a few gfe's and choose after the seller has accepted your offer if you would like. You want to ask for a good faith estimate fee worksheet to compare. For instance I don't charge origination or points and can credit towards your closing costs with premium financing.

Your choices would be determined by your debt to income ratio, fico scores and how much you want to invest into the purchase. You may qualify for 3% down conventional with a minimum 700 fico score and 5% down conventional with NO Mortgage insurance (Lender paid MI) with a minimum 620 fico score. You may consider FHA 3.5% down or as low as half percent down with a minimum 580 fico score.

Here are some links to study and consider that I offer.






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0 votes Thank Flag Link Tue May 7, 2013
I work with a great broker if you are still looking for help. Contact me if you would like his info. Read the text in the GFE, usually the interest rate they list is only good for that day. Since your loan will take a while to close and rates change daily, the GFE usually says the rate is only good for the day it was given to you. I think it would be wise to know which lender you are going to use ahead of time, that way they can gather the docs from you and be ready once your offer is accepted. It can save a lot of time.
0 votes Thank Flag Link Fri Apr 19, 2013
Unfortunately, Cindy is mistaken. You cannot just get a GFE upon request. There are 6 elements that must be met before a GFE will be issued; one of them being an identified property. If you are just in the pre-approval stage and are not in contract on a property, you will not get a GFE. Any loan officer that would issue a binding GFE without an identified property is probably not the person you wish to work with anyway because that is simply reckless. RESPA is very clear on when a GFE should be issued and will hold a loan officer/lender accountable for tolerance violations.

You should ask for a fee worksheet or similar document that itemizes the fees and rate so you have an idea of what they will be. Once you are in contract, return to the lenders with the property address and ask for the GFE.
0 votes Thank Flag Link Thu Apr 18, 2013
You should be able to get a good faith estimate upon request. You have every right to it. Typically, it's best to select your lender before writing offers. Once you get into escrow, you will have little time to shop at that point.
0 votes Thank Flag Link Thu Apr 18, 2013
The initial Good Faith Estimate that is sent to you only after you have identified the property that you purchasing and have a contract should be sent to you no later than 3 business day after a complete loan application. What the Loan Officer will give you up on the initial contact is an Approval letter with some conditions that must be met. There will likely be no rates as he will not know when you will be closing and when to lock that rate.(Any rate that is on the approval letter is only used as a bench mark for pre-qualification)

It is your responsibility to ask for a copy of your credit report if you intend on shopping the loan, keep in mind that some LO do not like to give credit report as they are the one that pay for them upfront. ( So asked if you can pay for it yourself upfront (On average $15-45 for thi-merge for two people). After you have receive the GFE and initial documents you can comfortable shop the loan (keep in mind that if you were to call me at 10:00 and i tell you my 30 years fixed with no point is 3.125% and my Fees are $1,250.00 total, and you call company XXY and the LO say yes i can do your LO at 3.0% and his Fees are $1,000.00 so you decided to call me back my rates may also change to 3.0% as you are shooting at a moving target. In that as long as the bond market is open mortgage rates will be a moving target.

So go with a LO who you have confidence in and who will get the deal done and will be guaranteeing that the rates and Fees will not change from initial disclose to closing. There are folks out there that will change the term of the deal and disclose 4 days before closing and the deal you struct will no longer exist be aware of this.

Whether you’re, buying, building or Re-Financing your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Get my top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?

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I look forward to working with you!
Lowell Sterling
Mortgage Banker
NMLS# 968898
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Thu Apr 18, 2013
You get your good faith estimate shortly after applying for your home loan. However, any reputable lender will provide you with your total costs for the loan, the interest rate, the total amount you need to close escrow (including your down payment) before you apply for the loan.
0 votes Thank Flag Link Thu Apr 18, 2013
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