Good Faith Estimates Explained

By
Real Estate Agent with Keller Williams Indy NE 317-290-7775 www.marchantteam.com

I am a Fishers and surrounding areas Real Estate Agent and as January 2009 is underway, I am seeing the market begin to change.  In the last seven days, I have received a dozen calls about either buying or selling real estate.  Most of them have been from buyers!  This is a good sign for our housing market in Fishers Indiana.  I'm so glad I took the time to relax and enjoy my family and the holidays during December, because it looks like busy is back.

I met with a first time home buyer on Wednesday evening.  I love going over the home buying process with a first time home buyer.  There are so many things to know when you initially start that search for a home.  One of the first things a buyer needs to do is call a lender and start the mortgage process.  One of the first things to ask for is a Good Faith EstimateFishers Real Estate GlossaryThis document is an estimate of the closing costs that a buyer will be charged when purchasing their home.  This estimate must be provided within three days of making an application with a lender, but often a lender will provide it if you just ask.  This gives the buyer the opportunity to compare lenders and also to begin saving or maybe to consider asking the seller to assist with paying these costs.  You will typically see an fee for an appraisal, a survey, document prep and underwriting, etc. In addition you will see the accruals and prepaids that will also need to be paid at the time of closing.  It is a comprehensive list of costs associated in the home buying process.  It is just an "Estimate"; so do keep that in mind.

As your Fishers and Indianapolis Real Estate Agent, I know the average amount for the various items on a good faith and can help you understand the differences in those costs versus the differences in rates that are quoted.  The lowest rate isn't always the best program, just as the lowest closing costs aren't always the best programs.  Use me to help you decide what makes the most sense for you! 

I would like to take this opportunity to promote some of the lenders I use in the Fishers Real Estate area; they are in no particular order and I'd encourage you to call any of them as you begin the process.

Cori Drudge with Stonegate Mortgage

Warren Harling with MetLife Home Loans

Lynne Coverdale with Stonegate Mortgage

I encourage you to begin the process if you are thinking about buying a home.  The "perfect storm" is brewing with interest rates very low and the sellers more motivated than ever.  There are many other reasons to buy now, call me and I'll give you one worth $7,500! And don't forget every month on the last Saturday we hold a First Time Buyer's Class in Fishers; but you must register.  We look forward to working with you soon.

Search Homes in Fishers IDX      Your Fishers Homes Value CMA

 Cindy "in Indy" Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775

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Topic:
Home Buying
Location:
Indiana Hamilton County Fishers
Groups:
Indiana Real Estate Professionals
First Time Homebuyer
Keller Williams Realty - MidAmerica Region
Midwest Rainers
Tags:
fishers real estate
fishers real estate agent
glossary of real estate terms

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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Cindy, great thoughts on how the GFE gives borrowers a ballpark idea of all the settlement costs.

Jan 19, 2009 06:38 AM #1
Rainmaker
231,989
Emily Lowe
The Lipman Group | Sotheby's International Realty - Nashville, TN
Nashville TN Realtor

Cindy - I agree - I have been seeing a lot of buyers show up around here lately as well - seems that everybody's got the bug now that it is the new year!!!  yay!!  Now let's get to closing some of them...

Jan 19, 2009 01:35 PM #2
Rainer
126,384
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

Good post Cindy!

Remember that GFE are just that. An estimiate. Make sure to get a guarantee of closing cost and the close will be much more enjoyable and trouble free.

Tony

Jan 19, 2009 10:24 PM #3
Rainer
10,246
Kathleen Lordbock
Broker/Short Sale & Staging Specialist - Crosby, MN
Keller Williams Realty Professionals

Things are perking up here as well.

Jan 20, 2009 02:31 PM #4
Rainmaker
171,062
Greg Miller
Ruoff Home Mortgage - Sarasota, FL
Florida Home Loans - Conventional,FHA,USDA,VA

Good information Cindy. We have started to notice an increase in activity also.

                       Greg

Jan 21, 2009 07:04 AM #5
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Cindy Marchant

"Cindy in Indy" , Realtor, Fishers Real Estate
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