Good Faith Estimate

A good faith estimate is a statement that you receive from your lender before making an offer on a home. This summary will tell you the loan amount, loan term, interest rate and monthly payment and how much to bring to closing amount other things. It is required by law that you receive this at the time of writing your offer. January 1, 2010 the government is requiring a new format for lenders. This is intended to protect borrowers from big surprises at the closing table. Keep in mind this statement is an estimate and can go up or down slightly.

Read more from Realtor.org on new changes on January 1, 2010

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