Palm Springs, Rancho Mirage & Coachella Valley Real Estate Blog- Comments, Reviews

coachella valley real estate trends, buyer resources	23 Aug 2010 12:00 AM
Keep the Faith by Scott Palermo + Jim Sanak

If you're in the market for a mortgage loan, the lender is now required to provide you with a Good Faith Estimate. Starting in 2010, the Department of Housing and Urban Development (HUD) is enforcing a borrower-protection ruling that makes a distinction between good faith estimates and informal worksheets.

A loan officer may provide an initial quote on a worksheet, which may be titled something like "estimated settlement costs." But worksheets carry no consumer protection. They are not good faith estimates - and will say so in the small print - and are not binding on the lender.

As a borrower, you complete an application with information about yourself and the property. Once you have done so, the lender must issue a good faith estimate within three days. You are not required to make any commitment to the lender, but can take the estimate with you for comparison shopping.

HUD's good faith estimate form, which can be downloaded as a PDF from the HUD website, provides detailed guidelines as well as space to compare quotes from up to four lenders.

If you're shopping for a loan - or a home - or considering relocating from your present residence, we would love to help you. Give us a call for all your Coachella Valley real estate needs!

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Scott Palermo + Jim Sanak

	Scott Palermo + Jim Sanak specialize in listing and selling real estate.
They work in the communities of Palm Springs, Rancho Mirage, Palm Desert, and the entire Coachella Valley. More about Scott + Jim

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