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Good Faith Estimate

Mortgage Library: Ask a Mortgage Related Question: Answers: Good Faith Estimate

Question:

I am currently working with a broker to refinance my home. This broker financed my original loan. It's been two weeks into the process, and I have received escrow papers in the mail to sign and return, but have been apprehensive about signing them. The reason is that my broker has failed to return my calls after I requested a "Good Faith Estimate". He verbally gave me a rate and cost estimate over the phone, and has locked in the rate. I have called several times over the course of a week without a response. What should I do? If I sign the escrow papers, what are my financial responsibilities, and can I pull out without any costs to me? I am aware of the 3 day right of rescission, but are there any costs involved? The loan is a "no cost" 30 yr fixed conventional loan.

Thank you.

Murphy
Saugus, California

Answer:

You should get a "good faith estimate" before you proceed. To the best of my knowledge you have no "financial" responsibility to title and escrow even if you sign the forms but the mortgage broker does have a fiduciary responsibility to you.

Jeffrey Russell
Salt Creek Mortgage


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