Good Faith estimate came in 54% funding not 80%, various additional fees, impound account requirement, Prepayment penalty - NONE of which was specified in the Good Faith Estimate AND the Lender will not explain WHY. We are days from closing - stress city!
2007-01-02 08:15:25 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
They are infamous for doing this. You should contact your attorney and explain the situation. If your contract is contingent upon financing I would find another mortgage company. I would definitely not sign the contract till the terms are favorable to you and seek out a Up Front Mortgage Lender in your area they disclose all fees and do not play games, or a widely recognized bank (Country Wide is good, Bank of America has horrible rates and high closing costs). The downfall is that you will lose your appraisal fee and other application fees.
2007-01-02 09:00:34 · answer #1 · answered by tianaramal 4 · 0⤊ 0⤋
I'm a loan officer for a large mortage company, and in our company the closing costs are always the same for the broker, but they change certain times for the lender, the county, and the escrow company. They are allowed to change it becuase its an "estimate" although its very unprofessional. For example your prepayment penalty has to do with your old loan and you'd have to pay that no matter what, it has nothing to do with this new mortgage lender, and the impound account requirements are made by the escrow company. If you have any quesetions you can ask me at amtarighat@ionfunding.com
2007-01-02 09:20:10 · answer #2 · answered by HBSL621 3 · 0⤊ 0⤋
A good faith estimate is exactly that...... an "ESTIMATE". So things are bound to change between the estimate and closing.
Impound account requirement = Escrow funds for taxes and insurance. Even if you are not including your taxes and insurance with your mortgage payment cretain states and/or lenders require that you deposit 1 years worth of insurance and 6 months worth of taxes in an escrow account, "Just In Case".
Various additional fees = Your loan officer/broker didn't have the manhood to tell you what his bank/brokerage charges and is trying to hit you with the extra fees at the closing. Now you have three choices.... Walk away......Negotiate the fees.....Take it.....
If you have any questions you can write me at mdesdunes@sicloans.com
2007-01-02 09:29:00 · answer #3 · answered by Michel D 2 · 0⤊ 0⤋
you truly want to get a Pre-Approval letter in the previous you initiate finding, so which you recognize the way lots domicile you're allowed to get, and many promises that are no longer pre-approved would be denied. As for the GFE, you do no longer ought to even yet it somewhat is in all probability genuine for you, so as which you recognize the way lots you want to have the money for. you should get approved for a $300k domicile, yet do you truly need to pay the $2200 own loan? A GFE provide you a mind-blowing thought on how lots you want to spend on a house, fairly than how lots they enable you to to spend. good success, this could be an surprising time to purchase =)
2016-11-25 23:10:40 · answer #4 · answered by immanuel 4 · 0⤊ 0⤋