Closing Costs

The Good Faith Estimate can one of the most baffling of all disclosures.

The client usually asks for this in order to compare quotes he or she has received. The law dictates that a GFE be sent within 3 days of the application for a loan. Many lenders have a way of only completing the portion that outlines their fees if that. And while this may be enough for the client to make a decision on what product, rate or company to do business with it is NOT providing a complete enough picture and therefore does NOT serve it’s very purpose.

For example, if a client is thinking he has enough money for closing but the loan representative never bothered to find out that the next quarters taxes are do upfront per the town the property is located in and therefore never put it on the Good Faith Estimate. This could pose a major problem for closing even if fees were not an issue. The end result is the customer has a bad experience which leads to them not even becoming a referral source not to mention they may not use you for their own transactions.

This is just one simple example of why it’s so important to get it right the first time.

In the box below we have considered all possible fees that need to be considered by the consumer. If you ever get a Good Faith Estimate” that doesn’t have all applicable calculations on it, STOP andfind someone who will include everything upfront. Or better still CALL US!

Good Faith Estimate

Buyers will receive a "Good Faith Estimate" of closing costs at the time or within 3 days of completing the mortgage application. The estimate is based on actual costs as well as computer generated estimates of things like Title and Hazard ("homeowners") Insurance costs as well a hazard insurance costs.  We will be glad to review any"Good Faith Estimate," answering questions and highlighting missing costs and estimates we believe to be low.

Truth In Lending

Buyers will receive a "Truch In Lending" Disclosure that is the "TELL ALL" for mortgage comparisons.  Please make sure ALL potential costs are noted on the Good Faith Estimate or a higher cost loan can get an in accurate unusually low APR.  This sort of Fraud is prevelant and difficult to catch.  We will be glad to review any"Truth In Lending" disclosure answering questions and highlighting possible errors associated with missing costs.

QOL Mortgage Process

There is "ONE" standard "Good Faith Estimate"  Which will have our lowest cost loan program with the lowest available interest rates.  There will be 2 formats one banker and one broker.  This is the lowest cost loan solution anywhere.  In this way we pass on wholesale mortgage rates and costs to the consumer.  See Details on main page

Below is a REAL, TRUE AND ACCURATE DEPICTION OF A "GOOD FAITH ESTIMATES" Potential closing costs.  Do not be fooled and MAKE NO MISTAKE!!.  There are no shortcuts to these charges.  The only time they don't appear is when they just don't apply to the transaction such as in the case of "Flood Insurance" when the property is NOT in a flood zone.  Too many loan originators don't provide a complete enough estimate of ALL potential closing costs. in a effort to get the consumer to agree to the loan siteing a short list of fees.  Then at closing,  when all of the cost appear on the settlement statement they convieniently say

"But these are not my fees". 

And while that may be true, not providing a complete picture from the begining of the transacition is

FRAUD!.