What is the Good Faith Estimate (GFE) and why is it important to me?
” With Texas Mortgage Financing, the GFE shows what your closing costs are and where that money is going. It also shows your interest rate, your monthly house payment, and the costs for property taxes and homeowners insurance. The GFE has lines numbered 800 through 1302. Some costs in the 800s lines are ones the loan office has control over. These are the ones to pay attention to when shopping loans. These costs include loan origination, discount fee (if any), appraisal, credit report, loan processing, etc. These are lines 801-810. The other costs on the GFE are estimates of money going to outside venders. Other than the actual lender being used, the Texas loan office normally has no control over these venders and usually does not choose them. Some mortgage offices play games with these estimates, deliberately low-balling to make their mortgage offer seem more attractive. What borrowers need is accurate numbers. I suggest borrowers focus on the items above in lines 800-810 when compari
