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RE/MAX Affiliates
Katie McCartney |
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(614) 439-1874 |
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(866) 232-5248 |
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The Winds of Change
Feb 19, 2010 | 
New forms are being created by the U.S. Department of Housing and Urban Development (HUD) regarding Good Faith Estimates (GFEs) and Real Estate Settlement Procedures Act (RESPA). Looks like some good things for the consumer because the government wants you to shop for your loan. Great; but, let us encourage shopping before a contract is placed on a home.
This seems to me set up to kind of wait until we are in the process because people are shopping for rates. Rates change daily, even hourly sometimes. I recommend to my clients to base their shopping decision on the loan officers and how they are treating you while you talk to them. It should be more about the comfort level that you have with the lender that they are a straight shooter. The settlement statement should really reflect what amount of money that you think you should be coming to closing. If you trust your loan officer to be a straight shooter, then you won't have the problem of bait and switch in closing costs, which these forms are to protect you against.
Mainly, do your homework. Feel comfortable with the people you are dealing with. In the long run, your instincts will determine if this deal is going to go well or slightly pear shapped.
Picture from iStockPhoto.com.
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