Mortgage Lenders Stop Playing Games With Preliminary Good Faith Estimates

Collier Swecker video blogs about home buyers searching for a mortgage need to be careful that mortgage brokers are not misleading them and buying their business by making presumptive assumptions on a preliminary Good Faith Estimate. I am vlogging about Buyers that have just started to look for a home and have not found a home yet. We have found numerous instances where our clients have received Good Faith Estimates from Lenders, usually internet based Lenders, who in an effort to get the business of the Buyer, show on this document that a Seller will pay a percentage or fixed amount of money towards the Buyers prepaid items and closing costs. A Buyer is getting this document to find out how much they can spend on a new home and to find out among other things, how much money they will need to bring to closing. While a Seller paying a fixed amount towards a Buyers closing cost is very common in a real estate transaction, this situation involves a Buyer before they have even found a home or finalized a contract. These Mortgage Lenders are making misleading assumptions that cause Buyers to commit to the Lender before truly understanding that there is a risk that they will have to bring much more money to the table than has been disclosed. There are many instances where a Seller will say no to closing cost concessions and in that case a Buyer who is told by a mortgage lender that they will need very little money at closing because a Seller will pay the Buyers Closing Costs and Pre-paids, the Buyer gets very upset and it throws real estate deals in jeopardy.  There are many awesome mortgage lenders that are honest and provide incredible service to their clients, so just make sure you are working with a lender that has come recommended by friends, family or your real estate agent. If you have any questions or comments email me at, visit my blog at or my website at

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About Collier Swecker

Collier Swecker is a licensed real estate broker, attorney, blogger, speaker and entrepreneur. He is the founding partner of the Mega Agent Real Estate Team at RE/MAX Advantage which ranks as one of the top selling real estate teams in Alabama. Collier also acts as a business and marketing consultant for small business start-ups.

Collier graduated from Auburn University (B.A., 1998), Cumberland School of Law (Juris Doctor, 2002) and Washington University School of Law in St. Louis (Masters of Law in Taxation, 2003). Collier was the principal partner of the law firm Swecker and Sparks LLC for 3 years before leaving the law practice for real estate development and sales.

Collier is a native of Yorktown, Virginia and currently resides in Birmingham, Alabama with his wife, Amanda Capps Swecker. Collier & Amanda are the proud parents to a beautiful daughter, Julia Abigayle. They have one dog named Kramer.

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