Getting a mortgage in 2010 is a little more complicated than it has been in the past due to the challenging economy, increased government regulation of the mortgage industry and the ever tightening of lender guidelines.
In fact, it's like a giant hurricane has swept through the housing and mortgage markets, leaving chunks of debris and danger in its wake.
But never fear; that's why I am here! As your Certified Mortgage Planner, my role is to walk by your side, be your personal guide, and set you up for success every step of the way.
Here are a few of the challenges that we will tackle together as we navigate the danger zone known as the 2010 mortgage process!
Over the next couple of days, I will go over the following:
Here is the first of the subjects...
New Good Faith Estimate
The US government has created a new version of the disclosure form known as the Good Faith Estimate (GFE).
The old GFE itemized all your closing costs and illustrated your "cash-to-close" - the amount of cash you would need to bring to the closing if you are buying a home, or the net proceeds you would receive at the closing from a cash-out refinance.
The new GFE lumps in your closing costs under certain categories instead of itemizing them, and does not illustrate your cash-to-close.
Also, if the seller is paying closing costs or points on your behalf, this is not reflected on the new GFE.
In other words, it will look as though you are paying these fees even though the seller is paying them.
As your Certified Mortgage Planning Specialist, I go above and beyond the government's minimum requirements for my clients.
In fact, I have created special systems and easy-to-understand forms to help illustrate the total costs associated with the loan options available to you. Please contact me for more details.