when can I get a GFE?

[concerned1977]

What is the name of your state (only U.S. law)? VA

I've been approved for an FHA loan, and I've been trying to estimate my closing costs so that I know what I can bid on (so there aren't any surprises at closing). My problem is that its been "like pulling teeth" with the lender to get him to answer my questions about estimated closing costs. Is this normal or is he required to give me an answer to my questions if I ask before we submit a bid?

His typical excuse is that "... as the market changes ... so do the rates...". I understand that the interest rate could change until we lock it in, but as far as all the other lender fees go (i.e. document prep, underwriting, broker fees, etc.) I assumed that these are standard fees taht wouldn't change. Are they are required to give those upfront now before I make a bid on a house if I ask for it?

 

[HUD-1]

Ask for a WRITTEN GFE.

Q: When does a loan originator have to issue a GFE?
A: A loan originator must issue a GFE no later than 3 business days after the loan originator receives an application or information sufficient to complete an application. Application is defined as the submission of a borrower‘s financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the following: (1) borrower‘s name, (2) borrower‘s monthly income; (3) borrower‘s social security number to obtain a credit report; (4) property address; (5) estimate of value of the property; (6) loan amount and (7) any other information deemed necessary by the loan originator.

Q: What happens if a GFE is not provided to a borrower?
A: In a transaction involving a federally related mortgage, the loan originator is required to provide a GFE to the borrower. Failure to provide a GFE as required is a violation of Section 5 of RESPA.

 

[concerned1977]

List of Standard Fees before the GFE is issued

We have been pre-approved for a specified amount. All that is left is to find the house we want and to submit the offer.

My concern is that I want to make sure we have enough money for the closing costs. So at this point if I ask for the Lender for their lender fees (i.e. document prep, underwriting, credit check fees, etc.) can they provide that to me now before the GFE is issued? Aren't these standard fees? (I understand that the GFE is not issued until the house is picked and the offer is accepted).

 

[HUD-1]

They can certainly provide you estimates at any point, but they are not REQUIRED to provide a GFE until the application is filed.

 

[concerned1977]

Thanks for the information