www.GetGFE.com or ww.GFEforDummies.com
The purpose of this site
is to provide consumers information regarding the New Good Faith Estimate
that went into effect January 1, 2010. HUD's desire to
assist borrowers in shopping starts with a new three page GFE that will be
identical regardless of the lender that gives you a Good Faith Estimate.
On the New GFE, Page 1 summarizes the details
of the loan offer. This includes the Rate of Interest, Term of the
Loan and the Princple and Interest Payment. This page also details
the term of any rate lock offer and will confirm if you are receiving
anything other than a Fixed Rate Loan. As you compare quotes from
different Lenders it is important that you compare identical loan products.
Page 2 details the costs associated with the
loan. This page and the costs does cause some confusion and concern
to borrowers because all costs, Buyers and Sellers, are shown. For
this reason, lenders generally will give you some form of worksheet that
will help you show a breakdown of the costs. On this site you will
find a Calculator that will provide you an
online version of a fees worksheet for properties in Northern Ohio.
Page 3 explains what fees must be guaranteed by
your lender, what fees are subject to a 10% tolerance and what fees are
merely estimates without any guarantee. Also, on this page is a
loan comparison table and also a
shopping grid. Both are available
on this website.
If you are merely looking to see my online fees
worksheet and payment estimate, please go here.
I do welcome any comments and suggestions for
improvement of the information presented here. With that said, I
would suggest that you review the information presented on each page of
this site, Please start with the General
Introduction to the Good Faith Estimate, then proceed to a review of
the detail on Second Page of the Good Faith
Estimate, Lastly you will want to review the information about comparison
shopping and the Trade Off table that is located on the
Third page of the Good Faith Estimate.
I wish you
success in your Purchase
Proceed to General Introduction to the
NEW GOOD FAITH ESTIMATE