Do You Speak This Language?
For anyone who has traveled abroad, we all have had the experience of walking into a restaurant, opening a menu, and having no idea what to order. In fact, depending on the language, it’s sometimes even hard to find one word that resembles any familiar dish. Sometimes we find words that are recognizable, and sometimes we have to rely on a waiter who speaks little English and merely points to the dish of the day.
Reading a Good Faith Estimate, for many people, can be as intimidating and rarely as fun as reading a foreign menu. Many of the categories are unfamiliar to buyers, and the numbers don’t seem to add up.
When in doubt, ask questions (in person). If you are still confused, ask more questions. If it seems that the loan officer is speaking in a foreign language still, perhaps it is time to find a new loan officer.
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2 Responses to “Do You Speak This Language?”
1 Bob Darrow 16 March 2007 @ 4:10 pm
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Richard, I have been reading good faith estimates for 20 years and I still cannot decipher or explain one to a client.
2 Richard Cohen 16 March 2007 @ 10:58 pm
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Bob:
Thanks for responding.
They can get very confusing. Imagine how clients feel after they have spoken with 3 or 4 lenders, and each is telling them different things, or telling them nothing at all.
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