When should I receive my good faith estimate from my lender? After the contract is pending?

Asked by Rachael Zevecke, 66210 Mon Dec 21, 2009

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Bill Eckler, Agent, Venice, FL
Tue Dec 22, 2009
If you are a serious buyer and plan on purchasing property in the near future, our recommendation is to request a "good faith estimate" on your first meeting with the loan agent and from each agent with which you confer.

This is simply a written quote of the programs and current rates that are quoted to you at the time of your meeting.

Best wishes,
The Eckler team
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Dale Saari, Agent, Florence, OR
Mon Dec 21, 2009
I would request one the moment you are pre-approved. Your lender will be happy to provide 2-3 hypothetical breakdowns based on the purchase price and loan product you considering. It only take a few minutes and you will be much better prepared to negotiate when you understand your costs and options. I would never recommend waiting.
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, ,
Mon Dec 21, 2009
It all depends on the bank or lender you are using.

Some will give you a good faith estimate when you fill out an application upon request while others give it to you a few days later, but you should receive it within a three days of applying for your mortgage.

You can also request a good faith before you even apply for a loan. When you speak to a loan officer about rates and costs associated with the mortgage, you can request a good faith estimate. It is a fancy way of asking the loan officer to put everything in writing.

Hope this was helpful.

Good luck.
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