Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 19
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48You can use this chart to compare similar loans offered by different loan
originators. Fill in each column with the information shown in the “Summary of your
loan” section from the first page of all the GFEs you receive. Compare each offer and
select the best loan for you.
After You Choose the Best Loan for You
After comparing several GFEs, select the best loan for you and notify
the loan originator that you would like to proceed with the loan. Keep your
Good Faith Estimate so you can compare it with the final settlement costs stated on
your HUD-1 Settlement Statement. Ask the lender and settlement agent if there are
any changes in fees between your GFE and your HUD-1 Settlement Statement. Some
charges cannot be increased, and your lender must reimburse you if those charges
were illegally increased.
New Home Purchases
If you are purchasing a new home that is being built or has not been built yet,
your GFE could change. If the GFE can change, the loan originator must notify you
that the GFE may be revised at any time up to 60 days before settlement. If you get
a revised GFE, look at it to determine if the loan and settlement costs it discloses are
the best for you.
Changed Circumstances
If there are changes involving your credit, the loan amount, the property value,
or other information that was relied on in issuing the original GFE, a revised GFE may
be issued. Only the charges affected by the changed circumstance may be revised.
VII. Shopping for Other Settlement Services
There are other settlement services that the lender will require for your loan.
You may be able to shop for these services or you may choose providers identified on
the written list you receive from the loan originator. If you select providers on the
list, the charges shown on the GFE must be within the 10% tolerance. Even though
selecting a settlement service provider that is not on the list nullifies the 10%
tolerance, you still may be able to find a better deal by shopping and selecting a
provider yourself. However, remember that those charges could increase at
settlement.
Title Services and Settlement Agent
When you purchase your home, you receive “title” to the home. Certain title
services will be required by your lender to protect against liens or claims on the
property. Title services include the title search, examination of the title, preparation
of a commitment to insure, conducting the settlement, and all administration and
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