Good Faith EstimateShopping for a mortgage loan can be an extremely challenging process. To help with this process, lenders are required to provide borrowers a document called the good faith estimate. The good faith estimate, often referred to as the GFE or estimate of closing costs is a useful tool that all consumers should obtain prior to making a loan commitment. This provides an outline of a lender or banks closing fees, as well as an estimate of the third party closing costs.
A good faith estimate will also overview the estimate third party fees associated with a mortgage loan including:
If you are comparison shopping it is important to find out how long the estimate you receive will be good for. Consumers may not be aware that mortgage rates and fees can change daily. You should also find out if the mortgage loan you are applying for has a pre payment penalty and what items on the good faith estimate could potentially change depending on your credit score and home appraisal.
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Rates, News & Advice Articles
September 1, 2010
The stock market got into rally mode today to start the month of September with a bang. Surging by over 200 points in heavy trading as investors rallied into equity positions. The strong rally in the DOW follows a steady decline of the DOW in the past 60 days as the “double dip” recession...
August 27, 2010
The stock market finally caught a relief rally on Friday, as the DOW jumped well over 100 points on optimism from a reassuring speech from Fed Chairman Ben Bernanke. The DOW was able to get back above the 10,000 point market as investors took advantage of lower equity prices across the board on the market....
August 23, 2010
The markets strong start lost momentum over the course of trading on Monday and the market ended up dropping nearly forty points in trading. The dip follows a swing of nearly 100 points in light trading on Monday as investors pulled back when he market was up nearly fifty points when the market opened...
August 19, 2010
Jobs are certainly the largest component to any economy and has the potential to drive markets sharply. Today, we witnessed another example of the fallout from the employment sector as unemployment claims jumped to their highest levels in the last nine months, news that quickly led to a dramatic sell-off...