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.
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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