AVERAGE BORROWER SAVINGS USING CCFAX? $700.00
What is a Good Faith Estimate (GFE)?
Chat Live
A Good Faith Estimate is the start of the mortgage process when a Mortgage Broker or Lender provides the borrower with an estimate
of the costs associated with securing a mortgage.The GFE must include an itemized list of fees and costs associated with your loan
and must be provided within three business days of applying for a mortgage.
The following information provided by a Borrower MUST automatically generate a GFE by the Loan Originator within 3 business days of the mortgage application.
A mortgage application is defined as the submission of a borrower's financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the following information:
(1) borrower's name
(2) borrower's monthly income
(3) borrower's social security number to obtain a credit report
(4) property address
(5) estimate of value of the property
(6) loan amount
The New Good Faith Estimate was revised to help borrowers SAVE money on their closing costs by ALLOWING borrowers to:
(1) Shop for Service Providers
(2) Compare mortgage quotes from different Lenders or Mortgage Brokers
(3) Compare the GFE to HUD-1 three (3) days prior to closing
The SOLUTION: SMART borrowers obtain Good Faith Estimates from two or more Lenders and or Mortgage Brokers to compare their closing costs and ask questions about any large discrepancies.
ClosingCostFax will review your GFE and provide you a detailed GFE ScoreCard and GFE Comparison for FREE!
We'll show you in detail how you can Negotiate, Shop for Service Providers, make Comparisons and SAVE money prior to application, during application and prior to closing!
Our Patent Pending software will enable you to compare the GFE to HUD-1 three (3) days prior to closing!
This will guarantee their are no hidden fees and your Loan Originator and Lender are in Compliance!
Let ClosingCostFax help you lower your closing costs, get the Best Rate and Save you money on your Service Providers!
Note: It is now a RESPA (Real Estate Settlement Procedures Act) mandate that the borrower be allowed to compare the GFE to the HUD-1 closing (settlement) statement three (3) days prior to closing a loan.
of the costs associated with securing a mortgage.The GFE must include an itemized list of fees and costs associated with your loan
and must be provided within three business days of applying for a mortgage.
The following information provided by a Borrower MUST automatically generate a GFE by the Loan Originator within 3 business days of the mortgage application.
A mortgage application is defined as the submission of a borrower's financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the following information:
(1) borrower's name
(2) borrower's monthly income
(3) borrower's social security number to obtain a credit report
(4) property address
(5) estimate of value of the property
(6) loan amount
The New Good Faith Estimate was revised to help borrowers SAVE money on their closing costs by ALLOWING borrowers to:
(1) Shop for Service Providers
(2) Compare mortgage quotes from different Lenders or Mortgage Brokers
(3) Compare the GFE to HUD-1 three (3) days prior to closing
The SOLUTION: SMART borrowers obtain Good Faith Estimates from two or more Lenders and or Mortgage Brokers to compare their closing costs and ask questions about any large discrepancies.
ClosingCostFax will review your GFE and provide you a detailed GFE ScoreCard and GFE Comparison for FREE!
We'll show you in detail how you can Negotiate, Shop for Service Providers, make Comparisons and SAVE money prior to application, during application and prior to closing!
Our Patent Pending software will enable you to compare the GFE to HUD-1 three (3) days prior to closing!
This will guarantee their are no hidden fees and your Loan Originator and Lender are in Compliance!
Let ClosingCostFax help you lower your closing costs, get the Best Rate and Save you money on your Service Providers!
Note: It is now a RESPA (Real Estate Settlement Procedures Act) mandate that the borrower be allowed to compare the GFE to the HUD-1 closing (settlement) statement three (3) days prior to closing a loan.
