Florida Mortgage : Learning Center

I have a VA home loan client seeking to refinance his current FL mortgage to reduce his VA home loan fixed interest rate and consolidate some bills.  After verbally disclosing fees and rates I sent a very accurate VA Good Faith Estimate and asked him to compare with others and get back to me. 

Well it was close.  Our closing costs were actually a little higher than their Good Faith Estimate; with the same VA 30 year fixed interest rate.  However, when discussing their fees he mentioned it was difficult to read because their Good Faith Estimate was completed on a cocktail napkin! 

I wasn’t sure if it was a VA cocktail napkin but nonetheless.  The problem is, what if the napkin got wet? And fell apart prior to closing?  Does the bank have to honor the interest rate written on the napkin?  They could change the fees quoted on the napkin because they would become illegible. What a nightmare! 

Make sure you speak with a FL mortgage professional and beware of Good Faith Estimates that are written on cocktails napkins. 

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