Lender Good Faith Estimates For Staten Island NY Real Estate Buyers

The Consumer Financial Protection Bureau is in charge of overseeing and applying laws relating to finances. The Real Estate Settlement Procedures Act (RESPA) is a federal law that specifically pertains to real estate and loan transactions, including mortgages. One of the guidelines by RESPA is the stipulation that a Good Faith Estimate (GFE) be supplied to all customers who apply for a mortgage. This article provides facts on lender good faith estimates for Staten Island NY real estate buyers. Good Faith Estimate Defined A Good Faith Estimate includes closing costs, loan percentages, and other costs related to getting a home loan from a certain lender. It is intended to allow real estate buyers to analyze options offered by individual lenders and to outline the total charges involved with getting a mortgage. Mortgage companies are required to furnish a Good Faith Estimate within 3 days of a loan application. What Can Vary In Good Faith Estimates Various fees in GFEs are administered directly by a lender while others (such as recording charges) are decided by municipalities where the paperwork is filed. Mortgage company determined items, such as underwriting costs, vary from one lender to another and comparing GFEs is how you will notice those differences. Remember that a GFE is only an estimate calculated by facts available during the mortgage application. Some charges may not increase, some may change by a limited percentage, and others may be driven by your purchase price or other factors. Ask your mortgage professional about which charges can increase or decrease if you are concerned about increases. Making Sense of Lender Good Faith Estimates For Staten Island NY Real Estate Buyers Although GFE documents have been improved in recent years, it may still be somewhat difficult to comprehend. Ask your lender or lawyer to go over the figures in the GFE and make sure that you understand it before proceeding with a specific loan. If you would like to be connected with a local lender for guidance about lender good faith estimates for Staten Island NY real estate buyers, contact Gina Guerriero or Greg Diaz(Broker Owners at S.I. Premiere Properties) at 718-408-1499