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Mortgage questions

Posted on: 09th Feb, 2012 02:49 am
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.
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.
Posted on: 09th Feb, 2012 03:03 am
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.
Posted on: 09th Feb, 2012 08:49 am
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.
Posted on: 09th Feb, 2012 10:33 am
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