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Mitchell Hall, Real Estate Pro in New York, NY

What can I do if I want to confirm my good faith estimate is accurate?

Asked by Mitchell Hall, New York, NY Thu May 17, 2007

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I recommend getting a second opinion on your good faith estimate if you're having the slightest doubt of it's accuracy. Especially if you're working with a loan originator that you don't know. For more information, you can read the link below.
3 votes Thank Flag Link Fri May 18, 2007
Find a lender or real estate agent who will guarantee the total cash to close estimate of the GFE. It's a good way for you to turn your estimate into a reality. If the figure is less, you pay less. If the figure is more, you pay not more than the amount you were led to believe you needed at the onset.

Look for someone who will guarantee the amount, in total, wll be no more than shown on the GFE.
1 vote Thank Flag Link Sun Aug 12, 2007
The words “estimate” and “accurate” just don’t go together. The idea of this document is to give you and idea of what the costs may be. I don’t think I’ve ever come across this document being the same at the closing as it is when it’s provided ahead of time. Some times is less, but more often it increases.

Melissa Mancini, Realtor, CBR, GRI
Web Reference:
1 vote Thank Flag Link Wed Aug 8, 2007
I agree with Ardell, as the lender to guarantee the GFE. Some will not but many will stand by their estimate.
0 votes Thank Flag Link Fri Mar 21, 2008
to confirm your good faith, attend church and pray a little (10 hail mary and 10 our father should do the trick). then things will be ok
0 votes Thank Flag Link Fri Mar 21, 2008
Your loan representative is responsible to ensure that your Good Faith Estimate is correct. Do remember....if you do not lock in your interest rate, or your circumstances change (such as gift funds not coming through, so you have less of a down payment), or your credit report score changes, those figure might change. Waiting for a lower rate sometimes will end up costing you money or interest rates.

In any case, I do not wish to be held liable for a Good Faith Estimate made before a Purchase & Sale Agreement is secured & interest rate locked. I will not be the agent who provided the Good Faith Estimate! I use lenders who stand behind their Good Faith Estimates.
0 votes Thank Flag Link Fri Mar 21, 2008
A "Good Faith Estimate" is just an estimate. It does not hurt to show it to your Realtor or perhaps another lender to confirm. Look it over to make sure it is in line with what the lender verbally told you.
Web Reference:
0 votes Thank Flag Link Sat Aug 11, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
A GFE is just that, an estimate. Just like Realtors do sellers net sheets and buyers cost sheets. A lender is giving an estimate of the fees the have, and the fees of the title company (if you use one in your state). Most fees will be about the same (title, escrow, appraisal, taxes, home insurance). The fees you have to look out for are broker junk fees. Every company charges some sort of junk fee. I am a Realtor/loan officer and I still tell my clients that if they think my fees are to high, then go check some other companies. I also tell them to look at the rate and the apr.
0 votes Thank Flag Link Wed Aug 8, 2007
We advise our clients to get a s econd GFE. It is my understanding that the estimate must be within 10% of actual costs according to law, but some lender's costs are lower than others, so you may get a lower (or higher) GFE
0 votes Thank Flag Link Wed Aug 8, 2007
I prefer to speak with a competitive lender. Show them the estimate, and see what they have to say.
Hope this helps.
Web Reference:
0 votes Thank Flag Link Thu May 17, 2007
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