We are in the process of buying a condo in California. We signed a contract. How soon after signing the contract sheould they provide you with a good faith estimate?
2007-09-27 11:06:36 · 7 answers · asked by melmal 1 in Business & Finance ➔ Renting & Real Estate
Within 3 days of the application at the most.
However filling out a purchase contract is not the same thing as an applicattion for the mortgage.
2007-09-27 11:13:47 · answer #1 · answered by matzael 3 · 0⤊ 0⤋
Respa requires that once you have applied for a loan with a mortgage company they send you your disclosures which include a good faith estimate. Keep in mind it is just an estimate and many BAD mortgage orginators have and do change things on you at the last minute. I hope you are working with someone you can trust, I would be happy to help anyway I can. I know it is scary especially if this is your first house, Signing the contract on a purchase has nothing to do with the loan, the good faith estimate will come from your mortggae professional you are working with
2007-09-27 11:14:51 · answer #2 · answered by mscarriem 3 · 0⤊ 0⤋
The Realtor doesn't provide you with a Good Faith Estimate, the Loan Officer does.
It has to be postmarked within 3 business days of when you did a FULL loan application.
2007-09-27 12:14:55 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
You should have got the GFE when you signed your disclosures. Remember nothing is set in stone untill you sign the actual docs for your mortgage. You should try working with an A-paper bank like Wamu or Chase or BofA. something along those lines. This way your Docs will have the same fees as your GFE. These banks don't usually try and take you to the grave in fees and what not.
2007-09-27 12:40:08 · answer #4 · answered by Frank M 2 · 0⤊ 0⤋
Estimate for what ?
You said you signed the contract ,
What is left to estimate ?
The contract should have had the sales price on it .
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2007-09-27 11:11:21 · answer #5 · answered by kate 7 · 0⤊ 0⤋
it's not how soon you sign the purchase contract...
it's how soon you sign the loan application or the 1003.
Federal Law RESPA requires 3 business days to provide a GFE
2007-09-27 11:11:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No, an outstanding faith estimate isn't binding. in case you're nevertheless interior of your due diligence era, you may get out of settlement for any reason in any comprehend with out dropping your earnest funds. in case you're previous that date (and your realtor did now not placed the words of the own loan on the own loan approval contingency clause) and additionally you nevertheless qualify for the own loan, you incredibly have not any recourse different than to attempt and combat on your earnest funds. I do consider between the answerers above related to which you're extra perfect off cancelling the settlement and taking the prospect of dropping your earnest funds than to take a loan which you do now not experience you could take care of to pay for. You DO in spite of the fact that have large grounds for pulling out and in case you will desire to bypass to arbritration you have an surprising possibility of having a minimal of 0.5 of your earnest funds monetary employer. so some distance as your lender is going.....i could save around in case you have time to attain this. good good fortune!
2017-01-02 18:41:32 · answer #7 · answered by ? 3 · 0⤊ 0⤋