GFEs Let You Look Beyond Boise Mortgage Rates

Good Faith Estimates — anyone actively comparing mortgage rates in Boise, Idaho receives them. Yet Good Faith Estimates seem full of the kind of fine print that we don’t necessarily spend time worrying over: a glance at the bottom line would seem to suffice. Sort of like the kind of golf rule (26-1) that just cost Tiger Woods his shot at a  5th   green coat.

Like Mr. Woods, even if we do everything else right, not paying close attention to the fine details can cost us. But quite unlike Rule 26-1, the details in Good Faith Estimates aren’t there to limit our options —  they’re there to point the way cutting our costs!

To get that readout, you need only provide the standard details required by all lenders. Once that’s done, they are obligated to send you a Good Faith Estimate quickly: within three days. Mortgages are all about your obligation to the lender: so this puts the shoe on the other foot.

The key to good faith estimate value lies in their uniformity. The line-by-line detail makes them ideal vehicles for cross-comparing what your mortgage costs from each lender will be —  and where discrepancies lie.

Some of the costs (like taxes and government fees) should be the same for every lender, but others will be different. You are entitled to know what third-party fees you will incur, what loan charges are applied by your lender, and any other costs associated with your loan. Beyond the mortgage rates being quoted, such comparisons will be sufficient to show you who is offering the  best deal.

Another nice thing is that you do not have to pay outsized fees for a good faith estimate; at the most, your prospective lender can ask you to cover the costs of your credit check.

Today, mortgage rates in Boise, Idaho remain at the historically low levels we have been pointing to for a while. If for no other reason than the virtual certainty that they won’t stay there forever, now continues to be an unusually opportune time for buying or selling. If you agree, contact me for an up-to-the-minute market assessment anytime.

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