how official is a good faith estimate?
should the costs i see on mine deviate a little or can they change drastically by the time closing comes around? I'm concerned about my budget because I only have so much room for the down payment and i didn't realize closing costs were going to be substantial by kinnel876697 from Batesville, Texas. Aug 20th 2014
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Well.. it's an official document, but it is an "ESTIMATE" soooo.... The law states which boxes have tolerance and which one's do not. On the GFE, For example, box 1 has ZERO tolerance. The charge listed on box 1 cannot go up one cent.. Boxes 3-8 have a 10% tolerance. And all other boxes have no tolerance and can changed based on the actual costs. If you are using a competent loan officer, then the costs in all the boxes should be pretty close to actual. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Martin Farris, CFP (Martin)
#34 ranked lender in Texas - 16 contributions
The real issue here sounds like the fact that your lender didn't structure the loan to meet your needs (ie no closing costs). If you'd like a loan with no closing costs, I offer them. Feel free to call me at 325-651-2100 to discuss.
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