All about the Good Faith Estimate (GFE), including how they work and how to use them. Use today's GFE to help compare rates among lenders.
As a mortgage applicant, your lender is required by law to tell you how much your loan will cost at a mortgage interest rate. These loan costs are reported on a form called the Good Faith Estimate (GFE).Mortgage lenders are required to a Good Faith Estimate to all mortgage applicants within 3 business days of application unless the loan has been denied.Understanding your Good Faith Estimate can help you to make better mortgage rate comparisons among lenders, and to reach a better understanding of your loan.Good Faith Estimates plainly explain the terms of a mortgage. The best part, though, is that mortgage applicants can trust the numbers on a Good Faith Estimate because lenders by law to honor a GFE's key terms -- even if they've been made in error.
What's On Page 1 Of The Good Faith Estimate?
The first page of the Good Faith Estimate is a summary of your mortgage terms. It lists your name and property address; one available mortgage rate-and-fee combination; and your bottom-line settlement charges among other items.What's On Page 2 Of The Good Faith Estimate?
The second page of the Good Faith Estimate is a summary of your closing costs and funds required for your escrow impound. Together, these fees are labeled "settlement costs" on the GFE.What's On Page 3 Of The Good Faith Estimate?
The third page of the Good Faith Estimate explains what Page 1 and Page 2 say, and provides instruction for comparing loans between multiple mortgage lenders. It also includes a listing of mortgage-related fees, sorted by whether they're allowed to change, and by how much.Get A Free Good Faith Estimate
Mortgage rates vary between lenders, and so do the fees that they charge at settlement. It's always wise to "shop around" -- a better deal may be available to you. Maybe it's lower rates, maybe it's lower fees, maybe it's both.See today's rates and get a Good Faith Estimate for your loan. Rates are available online. They're fast, they're free, and there's no obligation whatsoever. http://david-braun.com/short-application/David Braun Jr.Mortgage Sales Manager - NMLS# 303007Cell: 630-687-5800Office: 630-560-4980dbraun@integramtg.com www.david-braun.comIntegra Mortgage Corp.17W220 22nd Street, Suite 330 - Oakbrook Terrace, Illinois 60181
