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Delete Accou…, Other/Just Looking in Conetoe, NC

I have found a property and am getting down payment assistance via NC Advantage and House Charlotte; I have received one GFE how do I get a comparison

Asked by Delete Account, Conetoe, NC Thu Jun 13, 2013

GFE from another mortgage company and still be able to close on the 30th and not compromise my credit by having another company do a pull?

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Answers

6
Really you are in a time crunch now. These GFE's should have been compared previous to needing to be funded in a couple weeks.

You may be able to find a lender that can use the credit report that you have already have but then that lender is going to be under a time crunch to get the deal done by your scheduled COE. And if you do go with the new lender they will need to run your credit before actually funding anyways.

My advice is go with the current lender unless you feel the fees are overcharged etc.
0 votes Thank Flag Link Mon Jun 17, 2013
Good evening, Janelle:
Because of the financing, you have a complex loan. If you have found a lender that is willing to do this and you are moving towards a closing, you should be VERY happy. Loan rates and terms are competitive from different lenders; if you are getting a loan under $150,0000, there is not likely to be a significant difference. If you're closing the 30th, it would be very difficult to get another lender all the documentation they need to close. If you were family, I'l recommend that you sit tight, don't do anything to change your credit profile and hope it closes on time. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Mon Jun 17, 2013
JANELLE,

You can explain your situation to the other lender. Just becuase it is an FHA loan does not eman the at the lenders are going to charge different fees and interest rates. Not all lenders charge the same. The problem I see with your question is when you want or are scheduled to close.

You mention you are closing in a little over two weeks. It may be impossible for another lender to start at scratch and get you approved and underwritten and submitted to House Charlotte and close before the 30th of this month.

So getting another GFE may not matter much becuase thelender you are using now has to knwo you cannot change lenders and make your close date. Consult with your Realtor on this and have that person go over the GFE with you and see if it is in line with other ones they have done. I do it all the time with my clients and expalin what the differetn fees are to my buyers to insure that they are making an educated descsion that is best suited for them and there family.

Dave diCecco
Realtor/Broker
Coldwell Banker United
Cell:704-519-7895
ddicecco@cbunited.com
http://www.davedicecco.com
0 votes Thank Flag Link Fri Jun 14, 2013
When lenders pull your credit for loan qualification purposes, it's know as a "soft" credit inquiry and as long as it is done within approximately 30 days it does not hurt your credit. I would just contact a Mortgage consultant from the Company you are considering and explain to them your situation and that your are shopping the loan for the best rates. Keep in mind that just because they have the best rates doesn't always mean they are on top of everything and can get you closed in a timely manner...Time is Money, so make sure they seem competent and get a referral of a good Mortgage Consultant froma trusted advisor.
0 votes Thank Flag Link Thu Jun 13, 2013
If you're closing the 30th of this month it will be hard to find a lender that can go from 0 to closed in that short time.
0 votes Thank Flag Link Thu Jun 13, 2013
And does it even matter since it is a FHA loan any way?
0 votes Thank Flag Link Thu Jun 13, 2013
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