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(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

Posted in: Buyers Tagged: borrower, GFE 2010, Good Faith Estimate, Simi Valley

About Ted Mackel

Active real estate broker and entrepreneur in Simi Valley. Ted has a passion for business, has deep knowledge about residential and commercial real estate and is one of the few to be a long time blogger/writer on these subjects. In his free time you'll find Ted enjoying baseball with his family (Go Dodgers), reaching his goal of spanish fluency, and pursuing his hobbies with RC aircraft and Lionel Trains.

Trackbacks

  1. Tweets that mention (Video Blog) GFE 2010 Simi Valley Borrowers Understanding the Good Faith Estimate -- Topsy.com says:
    June 1, 2010 at 8:01 pm

    […] 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 […]

    Reply
  2. Simi Valley Home Buyers - FHA Premium Goes Up After Oct 4th says:
    August 21, 2010 at 4:58 pm

    […] Other articles on Lending:  Understanding the GFE Statement […]

    Reply
  3. 5 Ways To Use Video Creatively in Your Real Estate Business says:
    June 14, 2011 at 10:17 am

    […] 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: https://homebuysblog.com/2010/06/01/video-blog-gfe-2010-simi-valley-borrowers-understanding-the-good-…. […]

    Reply
  4. Asking for Closing Costs Could Cause Home Buyers To Over Pay For Their Purchase says:
    July 2, 2011 at 1:17 am

    […] 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 […]

    Reply
  5. Who pays for What? Simi Valley Home Buyers & Home Sellers want to know says:
    August 11, 2011 at 2:11 pm

    […] Understanding the Good Faith Estimate […]

    Reply
  6. 5 Ways To Use Video Creatively in Your Real Estate Business | Diverse Solutions says:
    September 1, 2011 at 10:17 am

    […] 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: https://homebuysblog.com/2010/06/01/video-blog-gfe-2010-simi-valley-borrowers-understanding-the-good-…. […]

    Reply

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Ted actually helped us find a new home AND sell two homes. He was beyond helpful with everything. When looking for a home, Ted didn't waste our time…My husband and I are really busy so this meant a lot to us….he always had plenty of houses lined up for us to look at and he acted as our personal chauffeur. He really knows Simi, so he knew exactly where to take us….and ultimately he found us our beautiful new home. Selling the other two was a breeze…Ted took care of everything. No complaints here!

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