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Video instructions and help with filling out and completing good faith estimate vs actual closing costs
Hey everybody what is a good faith estimate hey Rob Castro coming to hear from la Orange County area so cal and today talking about what is a good faith estimate get this question all the time everybody's heard of a good faith estimate but a lot of buyers borrowers are kind of unclear on what is it exactly so when you go to the lender to get pre-approved pre-qualified you fill out a loan application they're required to give you a good faith estimate within three days from you filling out your application so this is an estimate that's going to come from your loan officer mortgage banker mortgage broker and what what is it so it outlines all the costs of your loan all the costs of your transaction basically so it's going to outline closing costs lender fees escrow and title fees interest rates underwriter processor fee all of those kinds of things right in black and white for you up front which is awesome it's good information for you to know and most importantly it outlines what your payment's going to be taxes insurance principal interest all that stuff so you know upfront so this is a good thing to have especially when you're shopping around for a loan if you're shopping different banks different lenders you get one from each of them and you can clearly see what every single costs and fees going to be you can compare you can see if somebody's offering you a higher rate than somebody else higher closing costs etc this is also good to keep when you know you get one in the beginning and when you first get pre-qualified and who knows it might take you a little bit of time to find a place so you might be looking for a month then you have an escrow that's a 30 days 45 days and so now we're you know two three months down the line from when you first got approved and first got that good faith estimate and now things might have changed a little bit rates may have changed your down payment amount that you're putting may have changed so this estimate might change so it's really good to keep the one from when you first get approved and then you know right before you close request another one right around the time right before they draw a loan docs request another one compare the two make sure everything is in line make sure nothing's changed too much also keep in mind these are estimates so they are going to change like I said based on interest rates or different things there's a lot of moving parts to a loan but just make sure that nothing changes true drew too dramatic and if it does you know definitely ask your loan officer you know what's going on here so that's what a good faith estimate is I'm Rob Castro you can always reach