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Good Faith Estimate attempts to decode the the mystery of the closing
There is a map through the mortgage maze: It's called the Good Faith Estimate and it got a truthfulness makeover earlier this year, courtesy of the federal government.Mortgage lenders have provided their own versions of Good Faith Estimates – which are intended to provide a ballpark of closing costs — for years, but they were never standardized. And consumers have long complained that some lenders tortured the definition of “good faith” because the cost estimates they received at the beginning of the mortgage-application process bore little to no resemblance to the actual dollar amounts they found themselves with at the closing table.Early in 2010, the federal government mandated a specific three-page form, striving for plain English, that each mortgage borrower, by law, must receive within three days of making a loan application. The new form mandates that lenders disclose specific fees that cannot change while the loan is being processed; it also requires that lenders must estimate other costs within a 10 percent range.Three things to keep in mind about the new GFE if you're a homebuyer who's shopping for a loan:1. Things you should be sure of from the get-go: The type of loan and certain charges.“The form will clearly ... more

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