Mortgage Interests are dropping again to record lows, my phone is starting to ring non-stop, and consumers are on the hunt for the best and lowest interest rates.

I want to remind consumers that if the the rate sounds too good to be true – it probably does not exist.

I would like to remind the consumer that there is a new form of the Good Faith Estimate that became effective on January 1, 2010. And must be given within three days of providing six pieces of information to the loan officer or lender. These six pieces are:

1. Borrower’s name;
2. Borrower’s monthly income;
3. Borrower’s Social Security Number to obtain a credit report;
4. Property address;
5. Estimate of property value; and
6. Loan amount.

So, be sure to obtain this required disclosure. This form offers the most protection for the borrower, and will insure there are no surprises at the time of signing the loan documents. If you accept the terms of the Good Faith Estimate within 10 business days, most of the loan fees and charges become very difficult to change.

So be informed, and know your rights.