Real Estate Article:  Good Faith Estimate

Every lender is require by Federal Law to give you a Good Faith Estimate of what your costs will be.  

The problem is, you may not realize the importance of this document.  Many agents don't realize the importance of it either.  

Linda does know the importance.  She knows that if she has a copy of the Good Faith Estimate, she can compare it to the actual closing statement before closing.  Some times there are legitimate extra fees that couldn't have been known about at the time the Good Faith Estimate was given.  But there are a few lenders out there that will stick on extra fees and hope you don't notice them.  That's why Linda wants the copy of the Good Faith Estimate.  She can compare and ask for explanations.  If it something that shouldn't be there she will work to get the lender to take it off of your closing costs.

Without this extra help, you could end up paying much higher fees than you expected.  And if you don't have enough money to pay these extra "bad" fees, you might not be able to buy your dream home.

This is another reason why it is important to hire Linda as your Buyer's Agent.

Linda Grissette, GRI, e-PRO Certified

The Best Seller GMAC Real Estate, 3829 Veterans Memorial, St. Peters, MO 63376 

Licensed in the state of Missouri.

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