What does it mean to get a Good Faith Estimate when you do a mortgage?
First, you might be wondering
what a good faith estimate is. Sometimes, in the real estate world, this is
referred to as a GFE, and is simply a quick form that provides you with the
information about the terms of the specified mortgage Mortgage you applied for
and how much the Mortgage will cost you to acquire. After you have submitted
your Mortgage application, your Arizona mortgage broker will provide you with a
GFE within three business days. You will not be charged any fees until you have
received the GFE from your Arizona mortgage broker.
If the lender denies your
application for a Mortgage, your broker will not provide you with a good faith
estimate. At that time, if the lender doesn't tell you on their own, you have
60 days to request a reasoning as to why your Mortgage was denied.
Does
a GFE Require Me to Take on a Mortgage?
No! A GFE is just a formality.
After your Arizona mortgage broker provides you with a GFE and explains the
terms and conditions to you, you are absolutely not obligated to take the Mortgage.
(Though most people do—that’s why they applied in the first place.) It also
doesn't commit the lender to give you the Mortgage. It’s just an explanation
that helps you compare Mortgages side by side and explain how the Mortgage
works and the terms and conditions involved.
Your Arizona
mortgage broker may
provide you with a few different GFEs and that’s OK. They will help you compare
these things side by side so that you get the absolute best and most affordable
deal possible.
Dennis Dahlberg
Broker/RI/CEO/MLO
Tel: (623) 582-4444
| Fax: (888) 279-6917
NMLS 1057378 | AZMB 0923961 | MLO
1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027
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