So you are about to buy a home for sale in Auburn or buy a home for sale in Opelika? When you apply for a mortgage to buy a home, within three days you will receive a document known as a good-faith estimate, or GFE (it may also go by another name, loan estimate). So, what is a good-faith estimate?
Whatever you happen to call it, the purpose of this important piece of paperwork is to outline the approximate fees you would be expected to pay if you move forward with this lender to close on your home. Got it?
Granted, receiving a good-faith estimate is no guarantee that a lender will give you the loan (for that, you’ll have to wait for the results of your application). Nor does it commit you to working with that lender.
Rather, a GFE is a way for home buyers to shop around for the best loan by comparing the fees outlined within.
In other words: You should ideally scrutinize not just one GFE, but two or three to see which one offers the best deal.
“It’s important for a borrower to know that the lender fees may vary,” says Michael Sema, CEO of Get a Rate. “So make sure to compare and shop, shop, shop.”
For all of your real estate needs in the Auburn-Opelika area please contact me at (334) 332-7263 or email me at LauraSellers01@Gmail.com or visit my website. I look forward to helping you buy the home of your dreams or sell your existing home. Search for Auburn homes for sale or Search for Opelika homes for sale here.