An Update on Good Faith Estimates

By Gladiator | Blog

Sep 25

Tuesday night was our bi-weekly meeting at J&A Realty and it was an action-packed one. Not only was it Mrs. Johnson’s birthday but Donte Harris, the branch manager for Primary Residential Mortgage, stopped by to give a talk.  Mr. Harris talked extensively about the new changes that have taken place with the GFE or Good Faith Estimate.  These are changes that you the consumer should be aware of because they directly effect your home buying experience in what we believe to be a positive way.  Before these changes the GFE was a complicated document that did not clearly or effectively communicate information to the home buyer.  Now the GFE is a standardized 3 page document with clearly labeled items. The two images shown here are an examples of the old GFE and the new GFE forms. The old GFE form is on the left and the new GFE form is on the right.  Without even looking at the numbers it should be clear that the new GFE forms are much less obscure and much easier for the average consumer to understand.  These factors will make understanding your loan estimate much easier and remove some of apprehension that is commonly associated with home buying.

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