@Anonymous wrote:
Hi,
I live in Califormia and I need to know what are the main things I need to focus on in this 63 page document. Before I sign anything I was hoping someone can share some info with me. I would greatly appreciate it. My wife and I are first time home buyers. Is there a site where it gives me a walk thorugh on what to know about these documents.
The most important piece of paper you'll get from your lender is not the Uniform Residential Loan Application, which is mostly just legal boilerplate, the most important document is the Good Faith Estimate (universally known in the trade by its acronym GFE) because the GFE has the actual numbers for how much cash you'll need at closing, how much interest you'll pay, and so forth. The GFE is particularly important now because under a new law that took effect January 2010 many charges cannot increase and many others can only increase by 10% so there is much less scope than there used to be for lowballing the GFE and then jacking up the fees at the last minute. The lender my wife and I used in 2002 actually came very close to the GFE, but I understand not all lenders did; now they all have to by law.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
