Mortgage Broker Told Me I Need to Find A Property Before I can Get a Good Faith Estimate?? True?
So, I am not feeling to confident in my broker. We are in the process of buying our first home (no money down – save your pre-judgements, please). He has all of our information (full docs, good credit, etc.). I simply want him to to tell us what our options are based on our situation (full doc info). First, he told me that we needed to find a property BEFORE we formally apply for the loan. OK. Now, we found a property and put an offer in today. Is he (the company) legally obligated to give us a good faith estimate in 3 days? On top of that, I am wondering if it is too much to ask for him to (based on our full doc info) give us three or four finance options. For instance, I am leaning towards an 80/20 to avoid PMI. Or, minimally a 30-year fixed, 100%. I suppose I just might not trust him. If YOU put an offer on a home, what is your understanding of the next steps to be with the finance piece (aka, the broker)? Please help. Thanks.