Will the interest rates change??

Guest 0.10 Dollars($)

I just recieved a good faith estimate by a mortgage broker but I want to know if when they "sell" the loan to a bank if the interest rates may change?? Technically the broker would be no longer the "owner" of the loan. Any help would be great.

NQ

Guest 0.10 Dollars($)

Yeah, I do have a feeling that rate will go high.

jameshogg · Posted: Tue Jan 10, 2006 9:16 am Post subject:

Hi,

A good faith estimate is an estimate of your settlement costs and loan terms when approved for a loan.

Most lenders generally give a good faith estimate of closing costs, but it increases most of the time.

There are certain charges that can change at the settlement than given in the estimate -

Title insurance with the lender and title services
Taxes and fees
Reserves or escrow
Daily interest rate
Homeowner's insurance
Optional owner's title insurance

So, the interest rate may change at the settlement.

James

Guest 0.10 Dollars($)

Before the interest rate is locked the interest rate can change with market changes. So, a good faith faith estimate is just an assumption on the cost of a loan and the rate can change at any time untill the rate is locked.

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