The New Standardized Good Faith Estimate For Homebuyers
Written by: Timothy McFarlin | Publish date: January 8th, 2010
The Good Faith Estimate (GFE) has been used somewhat as a tool that homebuyers use to shop around for lenders. It is a break down of the costs and the total cash that the borrower will need to close the loan. In the past, lenders have created their own formats for the GFE and some have not even provided one at all. After several decades of using the GFE, the Real Estate Settlement Procedures Act (RESPA), has made some changes to and new rules for it. First of all, in order for a borrower to receive a Good Faith Estimate, [...]
