Colli Real Estate

Mortgage Broker Told Me I Need to Find A Property Before I can Get a Good Faith Estimate?? True?

So, I am not feeling to confident in my broker. We are in the process of buying our first home (no money down – save your pre-judgements, please). He has all of our information (full docs, good credit, etc.). I simply want him to to tell us what our options are based on our situation (full doc info). First, he told me that we needed to find a property BEFORE we formally apply for the loan. OK. Now, we found a property and put an offer in today. Is he (the company) legally obligated to give us a good faith estimate in 3 days? On top of that, I am wondering if it is too much to ask for him to (based on our full doc info) give us three or four finance options. For instance, I am leaning towards an 80/20 to avoid PMI. Or, minimally a 30-year fixed, 100%. I suppose I just might not trust him. If YOU put an offer on a home, what is your understanding of the next steps to be with the finance piece (aka, the broker)? Please help. Thanks.

Not to dis your current broker but if you’re not getting a good vibe from him then move on to another broker. I am a Mortgage Broker and yes you can get a GFE before you find a home just take into consideration that it is not accurate because you’re loan amount, rate, taxes, insurance & hoa fees will change when you do find the home you’re looking for. Some Brokers will argue and say “why will I go through all that trouble of doing a GFE on a loan amount that is not accurate”.

Now regading the rate and payments issue: every broker works differently but when I have a client I usually offer them several options (for example: 2/28, interst only, pick a pay program, etc, etc) so the client doesn’t say that he was stuck with a payment that he didn’t like or agree to. I would have never suggested for you to place a contract on a home before first giving you an idea of what your payments would be like. But since you have already done that then you either need to work with the current broker or find another one. Just remember that everytime you go to a new broker that broker’s office has to re-pull your credit through his office and he has to pre-qualify you with his lenders.

Go with your gut feeling! Good Luck!

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