Heads Up, Bluffton South Carolina Home Buyers The Department of Housing and Urban Development will require that closing costs be spelled out on a new, consumer-friendly version of the good-faith estimate form. Technically, lenders are to furnish borrowers this information within three days of applying for a mortgage.
A new HUD-1 form will be in force, effective January 1, 2010. The new forms permit borrowers to compare good faith estimates with the actual closing fees. There are three categories of fees-- Fees that cannot increase from the good-faith--these include: Lender mortgage origination Underwriting charges Lender points Local transfer taxes (0 comments)