The Department of Housing and Urban Development is making an attempt to simplify For many buyers it can be difficult to understand the costs that are built in to their loan. If a buyer is given a loan where the cost is very clear it will make it easy to compare other loans and make informative decisions. While shopping for a loan we all need to take the time to compare the different loans that are available. Hopefully, the new Good Faith form will help buyers better understand the type of loan they will be getting. For more great information go to Everything You Need To Know About a Short Sale. There are so many advantages to being a first time buyer in this current market. For more information regarding how I can help you negotiate the best deal on your first home, contact Eddie Perez, Broker-REALTOR, CDPE. My market includes Hoboken, Jersey City, Weehawken and Union City. I can be reached at eddie@InvestHoboken.com or 201-344-2886.
the process of looking for a loan. On Jan. 1, 2010, a new Good Faith Estimate form, or GFE, will be introduced that will outline the costs of a loan, including a revised settlement statement which shows your final loan costs and is signed at closing. HUD has made the estimation that an average borrower will save nearly $700 because they can now clearly define costs and compare loans.
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