Connecticut Mortgages

January 27, 2010
Matt Isleib

 

Starting the New Year for mortgage applicants in Connecticut and all of the U.S. will bring some change. The way borrowers will review their loan quotes via the GFE (good faith estimate) has been radically changed.

What borrowers and lenders have known and grown accustomed to is a single page GFE that line itemized all the fees associated with your loan. From bank and lender fees to attorney and escrow fees, it was all on one page to view. Here is an example of the “old GFE” . This is the “New GFE”. The bottom line is they are radically different.

I would be willing to bet that there will be a lot of consumers who will not readily grasp the new GFE. So here is a link to HUD explaining how to read the new GFE