Simplifying the Good Faith Estimate

One of the great tools for a home buyer is the Good Faith Estimate. Prepared by the lender, the good faith estimate itemizes costs of closing a loan with that particular lender. It is a great way for buyers to compare lenders.
Beginning in 2010, lenders will be required to use the new, simpler, 3-page HUD form, according to www.Realtor.com. By simplifying the form, the federal government hopes to prevent any oversights or misunderstandings regarding what it will cost to close on the loan.
There are strict limits on how much the Good Faith Estimate can change. Some of the items, like origination fee, associated with a Good Faith Estimate can not change at at all.
For more information, visit http://www.realtor.org/rmohome/home.