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GOOD FAITH ESTIMATE HELP EASES HOMEBUYERS FRUSTRATIONS
Posted by V.K. [Mel] Melhado P.A. on Wednesday, November 4th, 2009 at 6:40am.Many times purchasing a home and the whole mortgage process can seem like a mystery and very frustrating, but with the new (GFE) Good Faith Estimate the federal government has done a makeover on helps to demystify the process. The intention of the Good Faith Estimate is to give the consumer an estimate of the settlement charges once they are approved for a loan. The revision along, with other mortgage reforms, was a long time in coming and the first time the government had addressed the issue in more than 30 years.
The package was completed last November and it certainly was a long road from start to finish. The important thing was that it did get done and the homebuyer now should find the process far easier to understand.
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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