Profile picture for mamtazchowdhury

Why we can't See Closing Cost in Lender Website.

We can Make our Mind to Check with 2/3 Lender to Decide which Lender Perfect for us. That way Lender & Byer Save their time. There are no hiding Bill.
  • September 18 2013 - Berkeley
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Answers (7)

Profile picture for Brookstone Mortgage
As has been mentioned, a lender is not going to know what the fees are until you submit a full application. Within 3 days of that application, you will receive the GFE that gives you this information. Without having all the details regarding your transaction, estimates of closing costs are useless and you will only be setting yourself up to be baited and switched.
  • September 19 2013
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That's actually a debatable point. People are afraid that their credit score will be affected by too many pre-approvals but I have been told that this is not the case. However, I am not an expert on credit scores and can't say for sure. Here is a link to a Forbes article on the subject. http://www.forbes.com/sites/moneywisewomen/2012/03/29/the-top-6-misconceptions-about-credit-scores-2/ But you are right. You will get a good idea of fees just by interviewing a few lenders. It's not 100 percent accurate but you will get a good idea. And remember, it's true what Joseph said. Getting the lowest price is not everything. Using a lender that can facilitate the transaction smoothly and efficiently is very important for an effective close.
  • September 19 2013
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Profile picture for mamtazchowdhury
If I go for Pre approve to too Many Lenders,my Credit Score is going down. Just take a Idess of Closing Cost with Lenders. That way we can Choose some Lenders to Interview. I know ,it's not Accurate Closing Cost all the time,make a Avarege....
  • September 19 2013
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You can pre-approve with more than one lender. A few of my clients have done so.
  • September 19 2013
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A lender cannot give you an accurate estimate of closing costs until the type of property, amount of loan, etc. is known.

However, a lender can tell you what their fees are (lender fees are only a portion of closing costs).  When you interview the lender, ask them specifically what their fees are.  You can at least compare this portion.

But, to be honest there is not going to be a big difference between lenders.  One will charge more for one fee, the other more for another.  Lending is a service business. You want a lender and loan officer that is going to do a good job.  Saving $100 is not worth it if the loan is delayed or the lender makes a mistake at the last minute.
  • September 19 2013
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Profile picture for mamtazchowdhury
This is the way we couldn't Choose Lender. If we Pre Approve One Lender & if i dont like I couldn't go to Another Lender. Before I Chose Lender I need to see their Closing Cost & how much they can Share with me. That way I Finalize to Choose Lender.
  • September 18 2013
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Within three days of applying for a loan, a lender is required by RESPA (real estate settlement procedures act) to give  applicants a Good Faith Estimate (GFE) of costs .  This estimate is an itemized list of fees.  You can use this estimate to compare the fees of different lenders. 
Good Luck,
Teresa
  • September 18 2013
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