So, you’ve taken an application with a mortgage broker. He has told you your monthly payment and the total amount you will need at the time of closing. How do you know the charges on the loan are fair? How do you compare this loan to others you have been offered?
Check the GFE.
The Good Faith Estimate (GFE) can be your weapon to get the fairest price for your loan. If you dont take a good long look at this infinitely important legal-sized piece of paper, you may just be throwing your money away.
This single document will detail every specific charge on your loan. Not only does it list your charges, it also itemizes them to show whom these charges are being paid to. Dont just look at the dollar figures on this form. You should pay close attention to the party that collects those dollars. While the big number on the bottom is often scary, seeing all the people that came together to make this happen for you may make it all seem worthwhile.
You can use this breakdown to make sure that each party that collects a fee is being reasonable. You can compare apples-to-apples because all Good Faith Estimates must contain the same information. ...
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