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Good Faith Estimates Explained - Changes for the WORST - Detailed changes - Part 2 of 2
Great post for casual reading!
 
Important facts about the New Good Faith Estimate
 
The Main Negatives : The New Good Faith Estimate does not show :
the total monthly payment. It only shows the principal, the taxes, and if mortgage insurance required. the total costs for the entire mortgage. It just shows your total estimated settlement charges, that doesn't include the down payment. a signature & date spot. Yes, this form is suppose to be given to you within 3 business days of applying for a mortgage.  Read about the 6 trigger points that define the mortgage application. Yes, there are methods of tracking if the GFE (Good Faith Estimate) was sent to you. But in reality, there is no clear proof since you are not required to sign this form. Meaning that there can be ways around the fact if your received it or not. a break down of all lender costs. It just shows the total, in Box A. The title of Box A reads as, "Your adjusted Origination Charges". I will further explain this in detail below.  

Please read Part 1 before you proceed to get a clear idea of what I am explaining and ... more

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