(Closed) Did your Lender…

posted 5 years ago in Home
Post # 3
Member
14444 posts
Honey Beekeeper
  • Wedding: June 2011

Yes, they should send you a GFE ( Good faith estmiate) when they start the loan process.  I think it was very close.

Post # 4
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

They are legally required to give you an estimate.

They will only do this once you’ve got a house you’ve got an offer accepted on – it is time consuming on their end, and so much depends on city, county, etc that they won’t just do it willy nilly.

Ours was very close (the only things that really changed were our insurance premium and some transfer taxes that the sellers paid).

Post # 5
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

You should try googling “house buying process” or something similar – there are some excellent, very detailed breakdowns of what to expect, when! I know it made me feel so much better to know the details about the process!

Post # 6
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

Yes, as required by law, our lender provided us with an official good faith estimate of closing costs once we were under contract and had submitted our official loan application paperwork (all 50 million pages of it. lol), and ours was pretty darn accurate.

We also had unofficial GFEs done prior to that point because we were bidding 2 lenders against each other for our loan. Each time they came back to us with a new loan offer, I reviewed the offer and the unofficial GFE that came with it in order to compare the offer terms. By competing the lenders against each other we were able to get a below market value interest rate and paid less in closing fees.

Post # 7
Member
7651 posts
Bumble Beekeeper
  • Wedding: July 2012

She has given us an estimate. I can’t say whether or not it is accurate because we aren’t done with the process, but they should give you a breakdown.

Post # 8
Member
9202 posts
Buzzing Beekeeper
  • Wedding: August 2013 - Rocky Mountains USA

Yup it was pretty accurate.  We also got the sellers to put in 2k towards closing costs, so that helped for sure.

Post # 9
Member
1614 posts
Bumble bee
  • Wedding: August 2014

Yes, and whenever it changes, they have to send you a new one and you have to sign all over again!

Post # 12
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

@BreezyBride24:  We gor pre-approval from both lenders, and worked with both throughout the house hunting process.

Post # 13
Member
7619 posts
Bumble Beekeeper

@BreezyBride24:  Yes, they have to (at least in Michigan). My lender told me straight up that they would use highest-estimate figures so if there are any surprises at the closing it would be in our favor. It worked out, our actual costs were a little less than the GFE. Also (and you might know this already — I didn’t) “closing costs” is NOT the same as “cash at closing.” I kept asking for an estimate of “closing costs” when what I really needed to know was how much cash will I need to bring to the table. Some of the closing costs can be rolled into the loan, or are paid up front, etc. If you want an estimate of how much cash you’ll need to bring, be sure to ask that. Even after I learned the right terminology, my lender never gave me that until I was driving to the closing. I knew he couldn’t give me a firm figure, but he wouldn’t even give me an estimate, which I found very frustrating. He was bad though and screwed up several things. Home-buying is SO confusing! Like someone else said, google a lot and don’t be afraid to ask the lender questions. Good luck!!

Post # 15
Member
7619 posts
Bumble Beekeeper

@BreezyBride24:  No, I’m sorry I don’t know. It was only certain things though, but I don’t remember which ones. 

Post # 16
Member
2649 posts
Sugar bee
  • Wedding: April 2014 - Italian Villa

@Daisy_Mae:  The law that they must provide a GFE is federally mandated. Granted, this law only applies to lending institutions that lend money more than 5 times per year (which is 99.99% of them- but if you’ve found a really small lending company, potentially they don’t).

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