The New Good Faith Estimate.

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Now all lenders and brokers have to use the same good faith estimate form. This was put in place to give more transparency to the lending industry. The purpose is to have every customer shop for a mortgage that way they get the lowest prices. After looking at the new good faith there are a couple of things they didn’t figure on.

1. A good lender is always going to put the customer first and if a customer shops them they are not going to worry about it.
2. Each time a customer shops for a new lender they have to go through the whole process of giving their personal information and having another credit report run.
3. Till your loan is locked in the lender can tell you anything. I could promise a 2% 30 year fixed rate with no points. That loan isn’t an option just making sure your paying attention.
4. When you have a sales contract on a property you can’t take 30 days to shop around for a mortgage or you could be out of contract and lose your deposit.
5. A good realtor will recommend pick one lender and title co for you to use. Someone they trust and have dome business in the past with and will make the transaction a smooth process. If you loan is a Catastrophe you probably will not send them any more referrals.

These are just some of the things that can cause problems when you go all shopping around for something as important as a mortgage.

What I tell every customer if you’re not comfortable with me or think I’m taking advantage of you go use somebody else. Unless you come back to me in the future or refer someone to use my services. I haven’t done my job.