The First American Blog

Understanding the Good Faith Estimate (GFE) [Infographic]

Posted by FirstAm Editor

Understanding GFE top imageNOTE: This post was written before the CFPB's Integrated Mortgage Disclousre changes with TRID. The GFE is no longer used in mortgage transactions. Visit  http://www.firstam.com/ownership/transaction-disclosures/ for information about the new dsiclosures. 

 

With temperatures warming up around the country and school officially out of session, the summer home-buying season is in full swing. If you’re shopping for a home this summer, congratulations! Buying a home is an exciting event – but may be complicated for first-time buyers. Becoming familiar with the various forms and disclosures associated with your transaction may help you understand the process a little better.

When you apply for a mortgage, your lender will give you a Good Faith Estimate – also called a GFE – to help you understand the terms and details of your loan. Though this form will be changing in 2015, current buyers will still receive the GFE as described below. Take a few minutes to become familiar with GFE before you start the process. And happy house hunting! 

 

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Tags: Homebuyer and Seller Education