Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 11
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48decide to go forward with the loan process and are approved for the loan. It explains
which charges can change before your settlement and which charges must remain the
same. It contains a shopping chart allowing you to easily compare multiple mortgage
loans and settlement costs, making it easier for you to shop for the best loan. The
GFE may be provided by a mortgage broker or the lender. Until they give you a
GFE loan originators are only permitted to charge you for the cost of a credit
report.
In the loan application process, the loan originator will need your name, Social
Security number, gross monthly income, property address, estimate of the value of
the property, and the amount of the mortgage loan you want to determine the GFE.
Your Social Security number is used to obtain a credit report showing your credit
history, including past and present debts and the timeliness of repayment.
Your GFE Step-by-Step
Page 1 of the GFE
Now let’s go through the GFE step-by-step. The top of page 1 of the GFE shows
the property address, your name and contact information and your loan originator’s
contact information.
Important Dates
The Important Dates section of the GFE includes key dates of which you should
be aware.
Line 1 discloses the date and time the interest rate offer is good through.
Line 2 discloses the date “All Other Settlement Charges” is good through. This
date must be open for at least 10 business days from the date the GFE was issued to
allow you to shop for the best loan for you.
Line 3 discloses the interest rate lock time period, such as 30, 45 or 60 days,
that the GFE was based on. It does not mean that your interest rate is locked.
Line 4 discloses the number of days prior to going to settlement that you must
lock your interest rate.
Note: “Locking in” your rate and points at the time of application or during the
processing of your loan will keep the interest rate and points from changing until the
rate lock period expires.
11
ADVERTISEMENT
0 votes
Related Articles
Related forms
Hud Policy For Information Technology Strategic Planning Handbook - U.s. Department Of Housing And Urban Development - 2011
Legal
Hud Policy For Information Technology Management Handbook - U.s. Department Of Housing And Urban Development - 2011
Legal
Form Hud-2537 - Mortgagee's Application For Partial Settlement - Multifamily Mortgage - Office Of Housing Federal Housing Commissioner - U.s. Department Of Housing And Urban Development
Legal
Form Hud-302 - Hud Manufactured Home Monthly Production Report - Office Of Manufactured Housing Programs - U.s. Department Of Housing And Urban Development
Legal
Form Hud-21019 - Hud Headquarters Library Retained Loan Request - U.s. Department Of Housing And Urban Development
Legal
Form Hud-56001-mh - Credit Application For Manufactured (mobile) Home - U.s. Department Of Housing And Urban Development
Legal
Form Hud-40201 - Youthbuild Program Reports Part 10 Actual Costs (final Report) Form - U.s. Department Of Housing And Urban Development
Legal
Related Categories
Parent category: Legal