The good faith estimate will count6 of 7When you apply for a mortgage, the lender is required to prepare a document called the good faith estimate of closing costs, or GFE. Beginning this year, the GFE has to be accurate.The feds gave lenders four months to iron out the kinks in their estimating systems. Beginning May 1, lenders face sanctions for delivering inaccurate GFEs. Related Articles:Buying your first homeFixing 3 FHA loan snags3 types of mortgage loansSelling in a soft marketRelated Links:7 keys to FBSO successPick a real estate agentClosing a home sale fastFight low home appraisal advertisement
When you apply for a mortgage, the lender is required to prepare a document called the good faith estimate of closing costs, or GFE. Beginning this year, the GFE has to be accurate.
The feds gave lenders four months to iron out the kinks in their estimating systems. Beginning May 1, lenders face sanctions for delivering inaccurate GFEs.
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