Reporter. Writer. Editor. Part English major. Part MBA. Often at the beach. Always on a deadline.
Search This Blog
A Guide To the Good Faith Estimate or GFE
By Marcie Geffner - Bankrate
How much is this new loan going to cost me?
That's a question most people naturally ask when they borrow money to buy a house or refinance their existing mortgage.
An approximation of the final figure can be found on the Good Faith Estimate, or GFE, a three-page government-mandated form mortgage brokers and lenders are required to give prospective borrowers within three days of a loan application.
Here's a section-by-section dissection of the form:
The top two sections on Page 1 explain why the form is important. First, it's a summary of the loan terms and estimated settlement charges, and second, it can be used to shop and compare the terms and charges offered by multiple lenders or mortgage brokers. It's that simple.
Read on: http://www.newsday.com/classifieds/real-estate/guide-to-the-good-faith-estimate-or-gfe-1.3929562