Search Sacramento homes | UPDATED! [under $50,000] [under $100,000] [$100,000s] [$200,000s] [$300,000s] [$400,000s] [over $500,000] | Sacramento condos | Sacramento multi-family (2-4 units) | Sacramento apartment buildings (5+ units) | Sacramento JUST LISTED homes & condos | Sacramento homes built since 2005 | Sacramento vacant lots & land | Sacramento commercial properties | Sacramento foreclosure listings | About Sacramento foreclosures and REOs
Explore Anatolia | Antelope | Arden | Auburn | Cameron Park | Carmichael | Citrus Heights | Curtis Park | Davis | Del Paso Heights | Downtown Sacramento | East Sacramento | El Dorado Hills | Elk Grove | Fair Oaks | Galt | Gold River | Granite Bay | Greenhaven | Laguna | Land Park | Lincoln | Meadowview | Midtown Sacramento | Natomas Park | North Highlands | North Natomas | North Sacramento | Oak Park | Old Sac | Orangevale | Rancho Cordova | Regency Park | Rio Linda | River Park | Rocklin | Rosemont | Roseville | Sacramento | South Land Park | South Natomas | Southport | South Sacramento | Tahoe Park | The Pocket | UCD Med Center & Elmhurst | West Sacramento | Woodlake
New form makes loan terms easier to understand
Sunday, March 30, 2008
It's not often that I can thank the federal government for simplifying things, but the proposed Good Faith Estimate (GFE) form released by Housing and Urban Development (HUD) turns what once read like stereo instructions—sometimes missing stereo instructions—into a much clearer picture of what you can expect from your home loan.
HUD's new, four-page Good Faith Estimate (you can preview it in PDF format here) more clearly explains to a prospective borrower the terms of the financing they may be committing to. While it still remains an estimate, the GFE now spells out which terms a) may not change, b) may change by not more than 10%, and c) may change prior to closing—and does so in plain English.
The new form doesn't solve all the problems a borrower can face, but it increases transparency and makes it easier to compare apples to apples—the rates, fees, and other costs being charged by various lenders.
Watch for the new form soon, and take the opportunity to ask your lender questions. Information is power!
Labels: Anatolia, Antelope, Arden, Carmichael, Citrus Heights, Curtis Park, Downtown, East Sac, Elk Grove, Galt, Land Park, Lodi, Midtown, Modesto, Natomas Park, North Highlands, Old Sac, Regency Park, Roseville, Sacramento, Southport, Stockton, West Sac
Tag this post: del.icio.us | Digg it | reddit | Yahoo MyWeb | Google | StumbleUpon | Add to Technorati Faves
posted by Rob McQuade @ 12:46 AM,
