The New Good Faith Estimate – a friendly introduction
by Evan Vanderwey on 29/01/10 at 4:34 pm
If you are looking to buy a home – your first or a move up – there are two things you ought to do first:
1. Choose a Lender that is a good teacher. There is no reason to be surprised at or after the closing of your real estate transaction.
2. Choose a Realtor that has this same trait. A professional, licensed, full-time Realtor gives you a lot of confidence, information and expertise to help you act like a “pro” in a real estate transaction even though you may only participate in one, four or five times in your entire life.
In the spirit of being a teacher and working with professionals, the video embedded here is a very good explanation of the new forms that lenders will be using as of the beginning of 2010. It was put together by the National Association of Realtors. The NAR (and the Realtors who are a part of it) has been a huge advocate for consumers.
I for one embrace these new forms and the attendant education and disclosure that is now required to be given to consumers at the time the loan application is signed. ‘After the closing of your loan’ is a terrible time to find out about your mortgage terms.
Take a few minutes to watch – its worth the time.
http://link.brightcove.com/services/player/bcpid31763633001?bclid=31792087001&bctid=61485517001
No related posts.
