gfe: Is the New Good Faith Estimate Good or Bad?
- 02/10/11 02:16 AM
Good Faith Estimates are suppose to give you a very good indication of what it will cost you when applying for your mortgage. The new Good faith estimates, also known as GFE’s, went into effect on January 1st, 2010 and are less complicated than the old good faith estimates. In my opinion, the problem with the new good faith estimates is that they are misleading and don’t share enough pertinent information. I truly think that the government over-steps the boundaries when it comes to protecting the consumer. But let’s explore in detail.
The good faith estimate is comprised of 3 pages. The … (8 comments)
There has been a major discussion whether or not Pre-Approval letters will be like dinosaurs, extinct. It was started with this post by Marilyn Boudreaux - Pre-Approvals Disappearing? - It was then followed by Lenn Harley's post, Calling all loan officers on Active Rain?? What are the facts here?? No Pre-Approval letters??? - After reading every comment on both posts, it sounded like some realtors just wanted to walk the plank per se. Some mentioned that Pre-Approval letters aren't worth the piece of paper that they are written on. … (29 comments)
gfe: Good Faith Estimates - FHA loans or Conventional loans - Why is it so difficult???
- 05/14/08 03:16 PM
Earth shatering news here..... when you are shopping for a mortgage, may it be a FHA loan, a conventional loan, or a VA loan... please ask for a good faith estimate. Not every loan officer will volunteer one to you. I can't tell you how many consumers that I have spoken to this year that didn't really know their mortgage rate, what their real payment was going to be, or what the total amount of money that they were going to need. They did know round-abouts. One thing that they told me was that they were either qualified or approved. … (18 comments)
The good old Good Faith Estimate.... it could sometimes be your worst enemy, depending on the loan officer and how they actually fill it out. It doesn't matter if you are applying for a FHA mortgage or a conventional mortgage, all good faith estimates should be accurate. I have seen many loan officers low ball their estimates not only on their points, but on the 3rd party charges. This can make shopping for a mortgage frustrating and more difficult. I just had a client recently compare my good faith estimate with that of another lender. My title charges were … (13 comments)
It's 2008 and you think you have seen it all. After 15 years in the mortgage business and as an FHA expert, I am baffled at what some states allow and I wanted to get everyone's opinion on a specific matter. Just the other day, I had a consumer contact me after reading several of my blogs. He told me that his previous loan officer pre-qualified him for a mortgage 2 weeks ago and just the other day, told him that he can't help him now. Why? Because he just realized that his FHA license was going to expire at the end … (22 comments)
Do you feel like you are sometimes back in time when shopping for a mortgage? Is it because you have now talked to 5 different lenders and nothing seems consistent? How is the communication level when shopping good faith estimates? Does that loan officer just give you want you think you want to hear? Let's look at one major contributing issue when shopping for a mortgage. "If it's too good to be true, then it usually is." Do you think that you are a savvy shopper because you think you know what you are asking for? Do you think … (15 comments)
When shopping for a mortgage, the general consumer can get very confused at times. Even if you have bought or refinanced several times in the past, it can still be confusing. It doesn't matter if you are applying for a FHA, conventional, VA, or subprime mortgage. The Good Faith Estimate (GFE) is very critical when shopping for a mortgage. But you have to be careful because more than 75% of this piece of paper is an estimate. Some loan officers will cut corners just to make their total estimate look cheaper.
Three things that you want to look for when you first look … (26 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
;)
;)
;)
