We will be beginning Part 4 discussing one of the most important of the sections on page 1 of the Good Faith Estimate (GFE): the SUMMARY OF YOUR LOAN. We will discuss this sections and how they relate to a purchase and a refinance transaction.
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We will be beginning Part 3 discussing some of the sections on page 1 of the Good Faith Estimate (GFE): PURPOSE, SHOPPING FOR YOUR LOAN, and IMPORTANT DATES. We will discuss these sections and how they relate to a purchase and a refinance transaction.
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In this article, we will be discussing what a Good Faith Estimate is (GFE), who provides it and what it means. The average person does not know what a GFE is and too often think that they are “mandatory” charges by the bank. If you look at a GFE, you will see there are also Title Insurance charges on it. These charges, unlike popular belief, are not mandatory charges. In fact, nearly almost every charge on your GFE are all estimates, hence the name Good Faith Estimate.
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Shopping for title insurance may seem like a tricky and complicated subject. It is not all that hard though. In fact, Title insurance shopping can be compared to grocery shopping. You want to find the best product for the lowest amount. Now just because a place like Costco, Sam’s club or even BJ’s might have a cheaper product does not mean the quality of the product has been compromised. In fact, the product has all the same packaging, information, writing and even the same quality product inside; the only difference is the price and quality of how the customer is treated.
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For the next set of definitions, we will be discussing common real estate and closing terms beginning with the letter Q to the letter Z. This is the final part of a three part informational blog about title insurance and common terms used in the title insurance, real estate and the closing process. I hope that everyone who has took the time to read these definitions and articles are better informed and have a better understanding of what is going on in their title insurance transactions, real estate transactions and closing transactions.
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As I stated in the previous blog, I am defining words that involve real estate and closing transactions for purchasing or refinancing a property. We know that buying and/or refinancing a house can be a very hard and confusing process. That’s why people like us, at My Title Direct, a title insurance company, like to inform you the consumer.
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