Effective January 1, 2010 the Department of Housing and Urban Development (HUD) who runs the Federal Housing Administration (FHA) modified their policies surrounding the maximum amount a mortgage lender may charge for “origination” fees on FHA mortgages. This is no surprise due to the recent changes the the HUD and GFE that went into effect [...]
Tags: APR, Choosing a Lender, FHA, GFE
The Good Faith Estimate, also known as a GFE, shows the interest rate, term, loan amount, and all settlement costs on a particular loan.
The Good Faith Estimate is divided up into several categories: The loan fees, the Title and closing fees, prepaid interest and fees and reserves for the borrower’s escrow account.
The 800 [...]
Tags: Closing Costs, GFE, Rates
Regardless of how a mortgage lender structures a mortgage for you, there will always be a cost that you will pay to obtain a mortgage. The cost may be through up front fees, such as an application fee, or sometimes itemized fees charged at the time of closing. Sometimes, there may even be a way [...]
Tags: Closing Costs, GFE, Rates
