My lender just gave me a good faith estimate 7 days before closing. The rate is not what he told me.I have been asking for a month for one. What is the law on commercial loans??
Good Faith Estimate is only required by HUD within 3 days of loan application on OWNER OCCUPIED 1-4 Family housing. You should have double applied or triple applied for financing with several lenders to make them compete. Since you paid for the appraisal upfront you could use that with multiple lenders. It's not too late, ask for an extention as this happens all the time.
Source(s):
Personal Experience. I have owned 46 different properties oover the last 25 years
hello....APR rates could change everyday, that is why its not practical to ask months before a sale. months before we could only watch it go up and down at dow jones. lets say dow jones show a 3%apr... lenders will double that or more for a buffer so to speak. plus they need to make money. so it is only wise as a rule of thumb, instead of a law, lock a rate three days or less, before a sale, is a good practise.
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