When home buyers are comparison shopping different lenders (mortgage brokers, credit unions, banks, etc) for their mortgage, their potential lenders will give them something called a "good faith estimate" form. The idea behind the form, to help the buyers comparison shop different lenders with the terms of the financing, was very good, but in reality, the form was very difficult to understand. The US Department of Housing and Urban Development proposed a new borrower-friendly Good Faith Estimate. An article from Inman News (below) goes into further detail about it.
New Good Faith Estimate Form Article
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Thursday, March 27, 2008
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