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How close to good faith estimate will my home loan be?

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Home Loan

I’m just about to sign on my first home loan but want to know how close to good faith estimate will my loan be? I don’t want to pay much more than what I was quoted. The loan agent at the mortgage company (referred by builder) has told me that the good faith estimate is a breakdown of what I can expect but he estimates it will be a bit lower. I don’t want to lose my earnest money and money for upgrades if at closing it looks wrong.

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    I can’t think of any situation where it would good for a person to borrow 105% of the value of a house on their personal home, however I don’t think anyone should tell you what loan program that would be best for you without first setting down and talking with you about your situation.

    The gfe has to guess at your cost for homeowners insurance and never includes any costs for a home inspection (you may not be getting a home inspection on a new home but a lot of people do).

    Once you talk to your insurance agent and decide what your deductable will be and the other features you want, then you can plug that in and get a better guess.

    The loan agent suggested by the builder should be able to estimate everything else very closely since they probably work with the same title company and builder a lot.

    glenn - Sep 22, 2012 |