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The new Good Faith Estimate does NOT level the lender playing field Minneapolis, MN: On January 1, 2010, HUD (Housing and Urban Development) mandated all mortgage lenders use a new three page "Good Faith Estimate" with the intent of eliminating low quote practices, to provide clarity to customers...
Misconception: If you pay list price, you're paying too much. If you don't know what the current market value is for homes in the area and whether the market is appreciating or depreciating, you don't know what a fair price is and you're likely to miss out on a great deal by trying to low ball ...