What is an GFE and why it is important?
ByIn the Real Estate – , the Mortgage Industry, – a GFE stands for, “Good Faith Estimate”.
The Rules are about to change regarding their issuance and structure, according to By Jack Guttentag, Monday, December 7, 2009, of Inman News
When we meet with Buyers, we remind all of them, seasoned and First Time Buyers alike, make sure you get what you have been told on paper. Have them write it down because Verbal in this business, or any other for that matter does not hold up in court.
We should not expect a court battle – but just realize that it is something that “could” happen. As I have been taught at the LAPD, and as I teach, “we teach you this so you can put it in your toolbox, we just want to make sure you have the option available to you when you back is up against the wall!”
Make sure you get copies of your credit report and also Good Faith Estimates. One based at your highest purchase price and another 50K or 100K less.
Then put those in your Tool Box so when you are about to sign loan documents you can make sure everything is still going in the way that you were promised. Rates change on an almost daily basis – but the fee’s should remain pretty standard.
We are not Lenders, Paris has been, we have several GREAT Lenders that we can introduce you to. But with all of them, make sure you meet them face to face, there is nothing quite like being able to “read” someone in person.
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