October 21, 2013

(Video Blog) GFE 2010 Simi Valley Borrowers Understanding the Good Faith Estimate

If you’re a Simi Valley borrower either purchasing a home or refinancing, you’ll encounter the new good faith estimate which is required to be given to you as an explanation and disclosure of the terms of your loan and the costs of your loan. This updated form has been required since the middle of January of this year and is being dubbed the GFE 2010. I believe the goal of this revised form was to create accountability and clarity. The accountability for the rate, terms and points to obtain the financing. The clarity of the settlement costs in the transaction. In this video blog I help Simi Valley borrowers take a look at this form, understand how it is organized and try to help Simi Valley borrowers avoid some of the landmines. If you have any experience with this form, please share in the comments section below.

This form is caused a lot of critical debate in the industry and I have my concerns about this form too.

Thanks for reading Simi Valley’s Premiere Real Estate Blog!

Author – Ted Mackel Simi Valley Real Estate Agent – Keller Williams Realty

Ted Mackel is a top producer at Keller Williams Realty Simi Valley,

specializing in Simi Valley Real Estate

(805) 432-7705

Trackbacks

  1. [...] This post was mentioned on Twitter by Ted Mackel, Simi Valley Dude. Simi Valley Dude said: (Video Blog) GFE 2010 Simi Valley Borrowers Understanding the Good …: If you're a Simi Valley borrower either pu… http://bit.ly/dlf5lH [...]

  2. [...] Other articles on Lending:  Understanding the GFE Statement [...]

  3. [...] Here’s an oldie but goodie from real estate agent Ted Mackel. Where every day real estate terminology might be common knowledge to you, it’s not always common knowledge to the first time homebuyer. So in this video, Real Estate Agent Ted Mackel explains what a Good Faith Estimate is (in detail). It’s a combination video/screencast. Then, here’s how Ted Mackel turned this into a blog post: http://homebuysblog.com/2010/06/01/video-blog-gfe-2010-simi-valley-borrowers-understanding-the-good-…. [...]

  4. [...] by those numbers and has very few options to increase any of the figures on that statement. The 2010 GFE does allow for some minor adjustments, but overall the buyer can feel pretty good about the actual [...]

  5. [...] Here’s an oldie but goodie from real estate agent Ted Mackel. Where every day real estate terminology might be common knowledge to you, it’s not always common knowledge to the first time homebuyer. So in this video, Real Estate Agent Ted Mackel explains what a Good Faith Estimate is (in detail). It’s a combination video/screencast. Then, here’s how Ted Mackel turned this into a blog post: http://homebuysblog.com/2010/06/01/video-blog-gfe-2010-simi-valley-borrowers-understanding-the-good-…. [...]




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