real estate settlement procedures act: Why is the Good Faith Estimate important to buyers?
- 05/16/11 12:27 PM
A few days ago, I ran across an interesting article in the Washington Post about Good Faith Estimates. The article stated "After receiving the disclosure, 56 percent of buyers say they did no comparison shopping among lenders." I decided to answer this common question from first-time homebuyers, "Why is the Good Faith Estimate important?" What is a Good Faith Estimate (GFE)?A Good Faith Estimate must be provided by a mortgage lender to a purchaser when completing a mortgage application, as required by the Real Estate Settlement Procedures Act (RESPA). The GFE must include an itemized list of fees and costs associated … (2 comments)
A few days ago, I ran across an interesting article in the Washington Post about Good Faith Estimates. The article stated "After receiving the disclosure, 56 percent of buyers say they did no comparison shopping among lenders." I decided to answer this common question from first-time homebuyers, "Why is the Good Faith Estimate important?"
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