Good Faith Estimate Book Update

It's been a while since I updated and thought I would let everyone know about my progress with the book. I'd also like to ask for your help with regards to e-book publishing and marketing.

I am attempting at my first attempt to attempt to write a book. As you can see, I'm trying very hard. It's been a long process, but not because of the painstaking effort and research that I've been doing. Mainly I just haven't been consistantly writing. I've gotten quite busy with my mortgage business, especially after the Holidays. The weather hasn't gotten bitter cold yet so it's enticed buyers out into the Real Estate market.

I've been writing in spurts up to this point. I have no idea how much material I really have because I've just been spilling my brain out into an old-fashioned Notepad file. If I can get time to jump back into it, it wouldn't take me long to finish.

When I do reach that finish line, I will be in uncharted territory for myself. The daunting task of publishing and marketing still lies ahead. I have plenty of ideas, but I don't have the technical saavy to make a lot of them happen. If anybody would be kind enough to volunteer to help me in my crusade to educate the mortgage consumer, I'd certainly be grateful for your help.

I may look at the option of hiring someone if they are competent and agree to be paid from the proceeds of their marketing efforts. I'm a firm believer of putting your money where your mouth is and of standing behind your product.

After I have written the last word, here is what I would need help doing:

• Decide whether to publish as a book or e-book
• Make it look all pretty as a pdf file (clipart, proper spacing, all that makes it pleasing to read)
• Design and write a marketing page (squeeze page)
• Set up a way for people to buy online including a new website for this purpose
• Marketing to consumers. Establish joint ventures and affiliate program.
• Anything else that would help make this a best-seller

I apologize for the self-serving post, but I believe the end result will serve you tremendously. I am breaking the entire Good Faith Estimate down in layman's terms and explaining exactly where your money goes. I go past the numbers and explain exactly what service you should be receiving from all parties in the process and how much you should be paying for them. I'm going to include a sample Good Faith Estimate template with all costs. Real good stuff if you ask me.

Please, please, please contact me and let me know what you would like to see included in the book. I'd like your help so that I can get it right the first time.

If you'd like to help me turn this into a reality, email my direct address: kblasi@unifpinc.com

How to Avoid Mortgage Junk Fees

So, you've taken an application with a mortgage broker. He has told you your monthly payment and the total amount you will need at the time of closing. How do you know the charges on the loan are fair? How do you compare this loan to others you have been offered?

Check the GFE.

The Good Faith Estimate (GFE) can be your weapon to get the fairest price for your loan. If you don’t take a good long look at this infinitely important legal-sized piece of paper, you may just be throwing your money away.

This single document will detail every specific charge on your loan. Not only does it list your charges, it also itemizes them to show whom these charges are being paid to. Don’t just look at the dollar figures on this form. You should pay close attention to the party that collects those dollars. While the big number on the bottom is often scary, seeing all the people that came together to make this happen for you may make it all seem worthwhile.

You can use this breakdown to make sure that each party that collects a fee is being reasonable. You can compare apples-to-apples because all Good Faith Estimates must contain the same information. Also, make sure that what you have is a "Good Faith Estimate" and not just a summary of costs that the mortgage broker put together. They may leave some things out but the GFE keeps them in line because they are required by the government to disclose all fees to you.

Your realtor may also give you a fee summary. Do not trust this form. They do this to give you an idea about fees and costs but they don't have the information from the lender necessary to give an accurate quote. You can only get a Good Faith Estimate from a mortgage company.

Since all fees are disclosed in black and white on the GFE, this makes it a great tool to compare mortgages. More importantly, it makes it impossible for a dishonest mortgage broker to sneak unexplainable charges into your loan. A mortgage broker or bank is obligated to give you a GFE very soon after application. Take advantage of this to make sure you are comfortable with the fees being presented.

My best suggestion to you as a homebuyer is to hold on to the original signed copy of your GFE. This document can be easily compared to the final papers that you will sign at closing. You will notice any changes between these forms because they are set up very similarly. Keep in mind that the numbers will change, that’s the nature of an estimate, however your broker should be able to explain any noticeably large changes.