It starts by completely understanding the Good Faith Estimate. It is your Boise loan consultant’s job to fully explain this document. This document needs to be in the first time home buyers hands before anything else is done.
Unfortunately, with many purchase transactions, Idaho first time home buyers don’t see any GFE until the end at the final signing. That is WRONG! Remember, you are making the biggest financial decision of your life. And agreeing to pay it back for the next 30 years.
This is important enough to say twice. Mortgage lenders are required to provide Idaho first ime home buyers with a GFE at the very beginning of the Boise home loan purchase. If for some reason a lender does NOT provide a GFE upfront, I would recommend not using that lender.
Once you have your GFE, make sure you hang on to it and bring it into the final closing and compare it to the final GFE. HOLD YOUR LENDER ACCOUNTABLE. Its’ your money.
All Boise home loans have associated costs and prepaid items that are fully disclosed in a Good Faith Estimate also known as a GFE.
Good Faith Estimates are regulated by the Federal Government and all GFE’s have line numbers in 6 different series (categories). It is probably a good idea to have FHA sample GFE to look at before you go any further.
800 series which is all of the lender fees which include points, appraisal, credit report, tax service, flood certification, processing, funding fee. A lender CANNOT put their fess anywhere else on the GFE but in the designated 800 series.
The only fess that will vary from lender to lender is the 800 series fees. The rest of the fees will be the same.
1000 series is for tax, interest, and mortgage insurance reserves for starting your escrow account.
1100 series is for title and escrow company fees.
1200 series will be for government recording and transfer fees.
and the last is the 1300 series which is for pest inspections fees.
It is much easier for first time buyers to understand GFE’s if everything is broken down into categories.
Please email me a tentative purchase price scenario and I will be glad to provide a GFE at anytime and go over it face to face at your convenience, here in Boise.
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To learn more about Guild Mortgage Home Loans and myself please visit my other site.
Guild Mortgage – Boise home loans – Craig Ballhagen 208-713-3309