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04-14-2009, 04:10 PM
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Do I need to find a house before I get a good...
...faith estimate (GFE) from a mortgage lender? Was wondering what is the common practice when getting a GFE. Do the lenders usually need to know what specific house I'm buying first before getting a GFE? Or can I go to any lender and ask for a GFE after I'm approved even though I have no idea what house I want to buy?
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04-14-2009, 05:38 PM
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I'm not sure if you are asking about the GFE, or a pre-appraisal. But it doesn't really matter. You can get the GFE without having any idea what house you will wind up with. It's just a form that says if you get a loan for amount X, these are the costs that will be associated with that loan. And they will generally give you the GFE for the largest loan you can afford. If it winds up you get a loan for less than that, the amounts will be lower.
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04-14-2009, 05:39 PM
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On a purcahse there are alot of unknowns. Sellers choice for all title cost, what title co? not up to youseller concessions???- in this market make the seller pay all closing cost so the GFE does not matter-Easiest way to not worry about a thing.Insurance needs to be paid for a year in advance and teh Insurance co is up to you...Interst depends on what day the loan closes, exactly, that varys and can be estimated but the process is not exact.All lender fees are very competitve.. no worries about that.Only variance is what the rate your going to get and the Broker fee. To get an exact rate you need a contract OR everything is est. With a purcahse it is a balancing affect depending if you are paying closing costs or not. My advice talk to you realtor and make sure thye make offers that consist of you NOT paying closing cost. 30+ purcahses last year and only 3 people paid thier closing cost. no reason why you cant save 7-13k on a house in this market.Hope this helps,Jason
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