We do, Others don't
- We offer as many Good Faith Estimates (GFE) and Truth In Lending (TIL) disclosures as you want, before you make application, and will thoroughly discuss all costs and answer all your questions.
- We disclose the entire closing costs particular to your loan, there are no hidden costs.
- We will fully compare and explain any GFE and/or TIL from other lenders to verify that they have included all costs.
- We will lock in your loan before you make application and before it is approved. We honor your word.
- We do not charge a lock in fee.
- We give you a detailed rate and program lock in form signed by the loan officer guaranteeing your terms.
- We will discuss many other loan options. This is a very important transaction and we want what is best for you. You need to be informed!
- We do not use misleading advertising to lure you into contacting us; we do not use the bait and switch routine.
- We will give you the best service possible. We want and need your referrals and your repeat business. You are important to us.
- We have grown and continue to grow because of our integrity and our commitment to outstanding customer service.
Good Faith Estimate
The purpose of a Good Faith Estimate (GFE) is to give you the best estimate of all costs involved with your transaction so you are not surprised at closing.
There are three main areas of the Good Faith Estimate:
- The interest rate and loan amount equals your Principle and Interest payment. These are chosen by you.
- The escrow account includes estimated homeowners insurance, state, county and city taxes, and your daily interest. The interest is charged from the date of your closing to the end of that month.
- Closing costs are a list of all the charges collected by the broker/lender and all third parties. The term POC means paid outside of closing. Example, the appraisal, and application fee, etc. must be counted in the GFE and TIL figures although you may have paid these fees up front.
When you ask us for your closing costs we give you all costs including third parties and do our very best to give you an accurate dollar amount so that you will not be surprised at closing. We also include your prepay items and escrow amounts as accurately as possible. Escrows may be waived with an 80% LTV on a case-by-case basis.
Closing costs, prepays, escrows and interest rate should be very comparable among all reputable lenders. BEWARE of rates or closing costs that are drastically lower. If they sound too good to be true, they are! Give us a call. We will discuss each GFE and TIL line-by-line to determine all costs are accounted for and the interest rate is realistic.
Beware-Compare Apples to Apples
All mortgage transactions will have closing costs. The closing costs can be paid by several options:
- The buyer may pay
- The seller may pay
- The owner may pay if a refinance.
- The lender may pay. The lender will charge you a higher rate of interest to do this.
- The closing costs may be paid by a combination of the above.
- Remember there are costs involved, Period. No exceptions!