Question Details

Jeff, Home Buyer in Frisco, TX

Good Faith Estimate

Asked by Jeff, Frisco, TX Fri Dec 14, 2007

How much should I have to spend to get a good faith estimate from a mortgage company? One I talked to charged $100 as an application fee. This fee would apply towards the cost, but I'd like to get multiple bids to compare. Also, how many bids should I get to know I am getting a good deal?

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Answers

3
Jeff,
Reputable mortgage brokers and loan officers will be happy to provide you a gfe free of charge.

best of luck
0 votes Thank Flag Link Mon Dec 17, 2007
Run from any lender that wants to charge you junk fees before they even start! it is just the start you can be sure. In the age of the internet, I cannot even imagine there is a lender/broker that would even ask for this! Maybe they need gas money for the week?
Talk to some friends, or coworkers and get a referral to a lender that has treated them with respect, I am sure if you just ask around someone will give you the name of a few great lenders/ brokers.
Web Reference: http://www.altadenver.com
0 votes Thank Flag Link Mon Dec 17, 2007
You shouldn't pay anything. While some mortgage companies take a fee up front, many don't. As far as mortgage costs go the only fee you should pay prior to the closing costs at is the appraisal. Some companies though will even let you pay that at closing. Bottom line is ask around until you find someone who won't charge you up front. If you have good credit and money down, you should have lots of options. If you need a recommendation, let me know. I work with many lenders who don't charge anything upfront. my email is ian@exitrealtygold.com.
0 votes Thank Flag Link Fri Dec 14, 2007
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