Recently the Good Faith Estimate changed. What is a good faith estimate? A good faith estimate tells you what your closing costs are when you get a home loan.
When you are closing a loan, you will have to pay some costs to get the loan done. The new Good Faith Estimate does not list the costs out for you. It only tells you the entire amount of your costs.
Here is a list of costs that you have to pay when closing on a loan:
Loan Origination Fee
Appraisal Fee
Credit Report
Processing Fee
Life of Loan Flood Certification
Verification of Employment
Settlement or Closing Fee
Notary Fees
Lender's Coverage
Closing Protection Letter
Courier/Delivery Fee
Recording Fees
Survey Cost
In order to know what you are paying for each of these fees, you will need to ask your loan originator to go through them all with you. It is important to make sure you know what you are paying for so it is important to ask.
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