Good Faith Estimates (GFE)

All mortgage companies must provide a Good Faith Estimate to you within 3 days of applying for a loan. A GFE will estimate the closing costs and prepaid expenses of the loan so you know what you and the seller are paying.  Most companies however, do not explain the GFE or tell you how to read it.

But we do!

Click here to see a Sample GFE and compare it to our notes below. There are six categories of fees involved with a home purchase:   1. Loan Fees - Section 800   2. Items to be paid in advance - Section 900   3. Escrow reserves - Section 1000   4. Title Charges - Section 1100   5. Government Charges - Section 1200   6. All other Charges - Section 1300

Compare a competitor Good Faith Estimate to our own and see how we beat the competition!  Compare GFE
 

The GFE is only an estimate but should be within a few hundred dollars at closing.  However, the GFE is also based on the interest rate on the day the estimate was prepared.  You are quoted an interest rate as part of the estimate, but the rate cannot be locked until you have a signed sales contract and your loan is in our processing center.So the rate quoted on the GFE could fluctuate. The rate affects only a few of the fees quoted. When your loan is locked, you will get a new GFE with the new estimated closing costs.

Closing costs are shared by the buyer and seller. Near the bottom of the form you will see the “Closing Cost Summary” section. It lists the costs to the borrower and seller. The Borrower costs include the VA funding fee. If you choose to finance your VA funding fee with your loan, the total amount you will need at closing will be different from what you see on the “Total Closing Cost” line. Your cash requirement at closing is in the “Cash from Borrower” block.

FREE Good Faith Estimate Review - NO Obligation

If you didn’t choose us for your VA Loan, we would still like to offer our services to you. We will review your Good Faith Estimate that you received for another lender. We offer this because we are veteran too, and we don’t like to see veterans taken advantage of. We will look for junk fees and make sure your getting a competitive interest rate. All you have to do is email or fax your Good Faith Estimate.

Email:
Fax: 866-610-1577

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