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Getting a Mortgage - Understanding the GFE
When you plan on getting a mortgage in the Columbus, GA/Phenix City, AL area anytime this year, you’re fairly certain to run into something known as the GFE. It’s the acronym for ‘Good Faith Estimate’-- and despite the reassuring name, the federal government decided they had better make it mandatory. 
The GFE has a new format dictated by the federal Real Estate Settlement Procedures Act which requires lenders to provide an estimate of the charges and fees due at closing. Lenders have three days to make it available.
The GFE looks like a bill. It features a list of fees and charges denoted by three-digit codes. It is grouped into sections to make it more readable, and although at first glance the resulting grid looks overly complicated, after you scan through it once or twice, it actually makes sense. The reason it is a good idea is because of the number of charges that may or may not be on there. It prevents sudden last-minute cash flow surprises at closing. 
Once you receive your GFE, you'll also receive a Truth in Lending (TIL) disclosure form. This gives you the annual percentage rate for your mortgage, taking into account mortgage insurance, discount ... more

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