Coastal Delaware Good Faith Estimate: It’s Part of the Deal
Posted by Bill Mann on
When you plan on getting a mortgage in Rehoboth Beach anytime this winter, you’re fairly certain to run into something known as the GFE. It’s the acronym for ‘Good Faith Estimate’-- and despite the reassuring name, the federal governm
ent decided they had better make it mandatory (to me, the opposite of having much faith at all).
The GFE has a new format dictated by the federal Real Estate Settlement Procedures Act which requires lenders to provide an estimate of the charges and fees due at closing. Lenders have three days to make it available.
The GFE looks like a bill. It features a list of fees and charges denoted by three-digit codes. It is grouped into sections to make it more readable, and although at first glance the resulting grid looks overly…
10649 Views, 0 Comments