Profile picture for user471386

How do you vet your lenders, for example GSF Mortgage?

Their quote seems too good to be true, giving money back for closing costs.  The reviews are stellar at Zillow, but still, I'm always suspicious of good deals especially since all other lenders I've contacted don't offer anything towards closing costs.
  • July 11 2012 - US
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Answers (9)

Best Answer

Profile picture for AndreaSmolin
Hi. Here's a little more insight to why you can trust our lenders:

  • Lender confirmation

    Lenders undergo a rigorous background check by Zillow and independent third-party site.

  • Ratings and reviews

    Borrowers review and rate lenders so others can benefit in finding the best lender.

  • Quote flag system

    Anyone can flag quotes for Zillow's Quality Assurance (QA) team to review.

  • Mystery shopping

    Zillow's QA team randomly shops lenders to ensure they are honoring their quotes on Zillow.

There are many lenders that can cover closing costs, just ask them when you contact them to see if that is an option.

Also if you didn't know already you can also filter your customized quotes based upon points if you want a no fee loan.

We'd encourage you to do your research on a lender by checking out their reviews on their Zillow profile.

  • July 11 2012
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I am a loan officer for GSF and would welcome your call if it is a state I am licensed in ...........  PA, MD, VA, DE, NH, MASS, CA & TEXAS. We definately offer the rates you see on zillow and can offer a GFE to match what is quoted.   On top of that you get personalized service that is tough to match. We can also close loans in under 30 days. Pick up the phone and call myself or another loan officer and you will see that the reviews are correct. Sharyn Dicarlo -  
  • July 17 2012
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Profile picture for user471386
Thank you everyone, for your responses.  It's my first time to post a question on any site so was surprised at the quick and helpful responses.  All points were duly noted.  Glad to hear credits towards closing costs are fairly normal--- it does make a big difference. 

Many thanks again.

  • July 11 2012
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Some lenders do this, and as you stated, some do not 
==========================
nice, but misleading spin.

every lender will credit towards closing costs; ever since "Dodd-Frank" there's no way around it at a certain price point, ask any LO to illustrate it for you when you ask for estimates.
  • July 11 2012
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Depending on an interest rate, you may get money towards closing costs. It is a fairly common practice among lenders and brokers. I have been doing this for the past 9 years, on both FHA and conventional loans. For example, I locked a 30-year fixed conventional loan last week and the borrower got a credit of 1% (in her case corresponding to $2700) to use towards closing costs. She was able to get all of her closing costs covered, as well as some of the prepaid items.
  • July 11 2012
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Hi there!

Crediting overages is a common practice for us at GSF.  Every loan scenario presents a certain amount of credits available back to the consumer to lower their closing costs.  Some lenders do this, and as you stated, some do not.  The size of the credit is based on many different pricing factors.  We do this on every loan scenario in order to reduce your costs and make sure you are getting the best deal possible. We would be happy to discuss this further with you if you need further clarification.  Thanks for the question!  [phone removed by Zillow moderator]

 

  • July 11 2012
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A credit toward closing costs is nothing out of the ordinary. Pretty much every lender is able to provide this structure and that single component of their offer is no reason to become suspicious.
  • July 11 2012
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Profile picture for Dunes ..
They do not Vet them...
Many Lenders post often about how the "Reviews" are full of Fake "Reviews" and after a while of posting here I sure think so...a joke

Use the Zillow Mortgage Marketplace with Great Care..Great Care

Good Luck
  • July 11 2012
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Profile picture for sunnyview
Although Zillow will remove lenders that get complaints or are unlicensed beyond that, you have to vet lenders for yourself.

I would start by reading the reviews carefully on Zillow and other sites, look at the BBB rating/comments in their area and directing any specific questions that you have to GSF about where the money for closing is coming from.
  • July 11 2012
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