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good faith estimate : Mortgage Loans, Rates, Home Buying, Selling, Foreclosures

All Posts Tagged With: "good faith estimate"

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What Is A Mortgage Loan Worksheet?

Starting in 2010 the government introduced a new Good Faith Estimate form which required lenders to spell out loan costs in very precise and standardized language — information which lenders must honor at closing.
The new form from HUD has raised a question among some lenders as to whether a pre-approval letter or a pre-qualification letter [...]

1Jul2010 | Peter G. Miller | 0 comments | Continued
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Is The FHA Moving Toward 1% Up-Front Insurance Premiums?

Is the up-front insurance charge for FHA mortgages going to fall?
FHA-backed mortgages are now a huge part of the financing landscape, but since April the up-front mortgage insurance premium has been 2.25 percent for most FHA borrowers. Now there’s some discussion regarding the idea of a 1 percent up-front MIP — but a higher annual [...]

17May2010 | Peter G. Miller | 1 comment | Continued
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No More Pre-approval Letters, Say Lenders

As a result of the new mortgage borrower protections that took effect January 1st, some lenders are now saying they can no longer provide pre-approval letters.
“Before writing the letters, lenders like to see proof of income, such as a pay stub or tax return. But under the Real Estate Settlement Procedures Act rule that [...]

8Mar2010 | Peter G. Miller | 1 comment | Continued
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How To Read The New Good Faith Estimate Forms

Starting January 1, 2010 HUD will require lenders to use a new Good Faith Estimate form or GFE. This is important because whether you buy a mansion or a cottage, you want to know how much your mortgage is going to cost — not just the interest rate but all the fees and charges you’ll [...]

2Nov2009 | Peter G. Miller | 1 comment | Continued