Good Faith Estimate question - Loan Modification Forum

FacingNorth · 12-21-2008, 01:27 PM

When a lender gives you a Good Faith Estimate for a refi, does that mean that the amount is just a guesstimate that they're aiming for, or does it indicate that they've already done some sort of negotiation with the lender for that general amount?

Moe Bedard · 12-21-2008, 02:19 PM

A good faith estimate is a standard form which is intended to be used to compare different quotes from different lenders or brokers. The estimate must include an itemized list of fees and costs associated with your loan and must be provided within three business days of applying for a loan.
The good faith estimate is only an estimate. The final closing costs may be different, sometimes very different than what was on the original GFE.

acesfull · 01-03-2009, 09:40 PM

Hi
Alot of the dollar amounts listed are junk fees that can be negotiated.
Like a carrier fee of $200.00. this is a $20.00 fee. Countless others but I don't have a GFE in front on me

acesfull/loansafe success member

12-21-2008, 01:27 PM	#1 (permalink)
FacingNorth Senior Member Join Date: Sep 2008 Posts: 57 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Good Faith Estimate question When a lender gives you a Good Faith Estimate for a refi, does that mean that the amount is just a guesstimate that they're aiming for, or does it indicate that they've already done some sort of negotiation with the lender for that general amount?

12-21-2008, 02:19 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Good Faith Estimate question A good faith estimate is a standard form which is intended to be used to compare different quotes from different lenders or brokers. The estimate must include an itemized list of fees and costs associated with your loan and must be provided within three business days of applying for a loan. The good faith estimate is only an estimate. The final closing costs may be different, sometimes very different than what was on the original GFE. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-03-2009, 09:40 PM	#3 (permalink)
acesfull Senior Member Join Date: Nov 2008 Posts: 113 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Good Faith Estimate question Hi Alot of the dollar amounts listed are junk fees that can be negotiated. Like a carrier fee of $200.00. this is a $20.00 fee. Countless others but I don't have a GFE in front on me acesfull/loansafe success member

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