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New form makes loan terms easier to understand

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Real Estate Agent with Better Homes and Gardens Real Estate

"New form makes loan terms easier to understand"
by Rob McQuade, ABR, Sacramento REALTOR®
Sacramento Real Estate

It's not often that I can thank the federal government for simplifying things, but the proposed Good Faith Estimate (GFE) form released by Housing and Urban Development (HUD) turns what once read like stereo instructions—sometimes missing stereo instructions—into a much clearer picture of what you can expect from your home loan. HUD's new Good Faith Estimate makes loan terms easier to understand HUD's new, four-page Good Faith Estimate (you can preview it in PDF format here) more clearly explains to a prospective borrower the terms of the financing they may be committing to. While it still remains an estimate, the GFE now spells out which terms a) may not change, b) may change by not more than 10%, and c) may change prior to... View the rest of the post here.

Comments (1)

Anonymous
Michelle Lehman, Century 21 Noel David Realty in Fair Oaks, CA

I love it!  Something is made easier for the buyers for a change!  So much easier now for them to truly compare "apples to apples".  Thanks for posting Rob in a format that is so easy work with.

Jun 24, 2009 06:16 PM
#1