This is an article which discusses and displays the new and old versions of the Good Faith Estimate of Closing Costs. This is a document lenders are required to present to borrowers within three (3) days of placing a mortgage application for a home purchase or refinance.
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Smart people know to shop a couple of different Mortgage Companies for the best interest rate and closing cost combination. The first step to understand if you’ve done a home loan in the past, that the old document, commonly referred to as a Good Faith Estimate (GFE) no longer exists as of Oct 3, 2013. It has been replaced with a document known as a Loan Estimate (LE) Learn
The HUD-1 form adds up the actual costs of a closing (as opposed to the good faith estimate, which lists the estimated costs). The settlement agent for the transaction will prepare one, and a borrower is entitled to view the HUD-1 form 24 hours before the actual settlement.
A Good Faith Estimate (GFE) is a standard template used by lenders to give you the rundown on your loan terms: interest rate, origination fees, monthly payments and more. However, you should know that as of October 2015, the Good Faith Estimate document was replaced by a document called the Loan Estimate for most types of loans.
The Good Faith Estimate (GFE) was designed to encourage consumers to first shop and then compare fees from various lenders before choosing a mortgage.Its original purpose was to help consumers understand what services they can shop for — so they not only can receive the lowest interest rate and best terms but can save significantly on closing costs as well.
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Good Faith Estimate: An estimate of the fees due at closing for a mortgage loan that must be provided by a lender to a borrower within three days of the lender taking a borrower’s loan application.
The major components of the new RESPA reform are the new and substantially revised good faith Estimate (GFE), in which lenders disclose loan and closing costs to borrowers, and the hud-1 settlement statement, which is a detailed financial breakdown of the entire real estate transaction signed at closing. Highlights of the new changes include:
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