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Mortgage questions

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Gertude Guest	Posted: Thu Feb 09, 2012 3:49 am    Post subject: Mortgage questions Like 0 Dislike 0 I want to know when in the mortgage process a borrower is given the GFE? Also, I want to know at what point of the mortgage process do you lock in a rate. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Thu Feb 09, 2012 4:03 am    Post subject: Like 0 Dislike 0 Hi Gertude, Well, the GFEs are provided at the very onset of your home loan process. The lender will provide you with the GFE within 3 days of your loan application process. Rate locks are allowed anytime once you find a property and a few days before your closing. Ask your lender when they allow the option of rate lock. Keep in mind, different rate lock periods are usually available, some with fees, some without. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
tomburris Community Expert Joined: 03 Oct 2007 Posts: 135 Location: North Dallas 19.12 Dollars($)	Posted: Thu Feb 09, 2012 9:49 am    Post subject: Like 0 Dislike 0 GFE is given within three days of the loan officer taking an application. By law, their isn't an 'application' until there is a property. So you likely won't get one for just getting pre-approved. Instead, the loan officer will gie you an estimation of fees. The format of which will be the old GFE form. _________________ Tom Burris Mortgage Banker 214-763-4629 cell/text/nights/weekends http://www.dallasloanguy.com/ Location: North Dallas, TX Coverage: The entire Great State of Texas NMLS# 335055
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Feb 09, 2012 11:33 am    Post subject: Like 0 Dislike 0 Gert, the information you've been given about GFE is good. As for rate lock, don't be concerned until you have a property and a contract for purchase. Your lender will, as a rule, allow you to lock in immediately; or you might wish to float if you have a suspicion that rates might drop. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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