Shopping for a loan isn’t the same as shopping for shoes. Though loans do come in different sizes and cater to different needs, when you’re shopping for a loan you’ll mostly be looking at a lot of paperwork. Exciting, right? Your loan officer can explain some of these papers, but it’s important to be aware of a few steps you’ll go through before you get there. This will ensure the best fit possible.
Something that is an important part of every mortgage process is the good faith estimate (GFE). It’s an official document that is required by the Real Estate Settlement Procedures Act (RESPA) and therefore is carefully put together by the mortgage broker. Here’s why knowing how to read a GFE matters to you and your future mortgage. [Read more…]