Good Faith Estimate

What is a Good Faith Estimate, you ask? It is something that every buyer should get so they will know what their mortgage payment will be. It boggles my mind just how many buyers I have met that just don't ask for this in the early stages of looking for a home. Even if you haven't chosen a home, you can still get a ball park idea of what your monthly payment will be. So many people wait till after they are in contract to find out what their estimate will be. It is never a good thing to buy a house before first asking your mortgage person to provide you with one based on the figures for the property you are thinking of making an offer on. By delaying this you may be setting yourself up for what I call "sticker shock."

You have to consider not just what the numbers on the borrowed sum are but you need to know how much are your home association dues, if any, what are you projected taxes for the coming year and what exactly are the closing costs in the transaction. Save yourself a lot of heart ache and do this in the early stages of the transaction.

Anne-Marie Ferraro, REALTOR
Watson Realty Corp.
1445 West State Road 434
Suite 100
Longwood, FL 32750
407-622-8531
"You're Home Free With Anne-Marie!"


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