Good Faith Estimate
A Good Faith Estimate also known as GFE is the first step in the Refinance process. It is important when shopping for a loan that you obtain solid information regarding your proposed loan amount. On Jan 1, a new law took effect any excess fees must come out of the lender’s own wallet at closing.
Also, be aware when a lender provides you with a work-sheet to explain closing costs and fees it iss not a valid quote. The quote must be printed on a three-page good-faith estimate in order for the quote to be guaranteed. Furthermore, be advised that you’re not bound to any good-faith estimate. As a consumer you should feel free to shop around for a home loan or refinance.
March 4, 2010
Tags: refinance Posted in: Home Loan Refinance
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