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Example - New GFE

Example - New GFE

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Published by 51 Pegasi

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Published by: 51 Pegasi on Dec 09, 2009
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11/17/2011

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Good Faith Estimate (GFE)
Good Faith Estimate (HUD-GFE)
1
This GFE gives you an estimate o your settlement charges and loan terms i you are approved orthis loan. For more inormation, see HUD’s
Special Information Booklet 
on settlement charges, your
Truth-in-Lending Disclosures,
and other consumer inormation at www.hud.gov/respa. I you decideyou would like to proceed with this loan, contact us.
PurposeSummary of yoursettlement charges
A
 Your Charges or All Other Settlement Services
 
(See page 2.)
$
B
 Your Adjusted Origination Charges
(See page 2.)
$
Summary of your loanImportant dates
Total Estimated Settlement Charges
$
OMB Approval No. 2502-0265Only you can shop or the best loan or you. Compare this GFE with other loan oers, so you can fndthe best loan. Use the shopping chart on page 3 to compare all the oers you receive.
Shopping foryour loan
 Your initial loan amount is Your loan term is Your initial interest rate is Your initial monthly amount owed or principal,interest, and any mortgage insurance is$years% $ per monthCan your interest rate rise?Even i you make payments on time, can yourloan balance rise?Even i you make payments on time, can yourmonthly amount owed or principal, interest,and any mortgage insurance rise?Does your loan have a prepayment penalty?Does your loan have a balloon payment?
c
No
c
 Yes, it can rise to a maximum o %.The frst change will be in .
c
No
c
 Yes, it can rise to a maximum o $
c
No
c
 Yes, the frst increase can be inand the monthly amount owed canrise to $ . The maximum itcan ever rise to is $ .
c
No
c
 Yes, your maximum prepaymentpenalty is $ .
c
No
c
 Yes, you have a balloon payment o $ due in years.Some lenders require an escrow account to hold unds or paying property taxes or other property-related charges in addition to your monthly amount owed o $ .Do we require you to have an escrow account or your loan?
c
No, you do not have an escrow account. You must pay these charges directly when due.
c
 Yes, you have an escrow account. It may or may not cover all o these charges. Ask us.
Escrow accountinformation
BorrowerPropertyAddressDate o GFEName o OriginatorOriginatorAddressOriginator Phone NumberOriginator Email
1. The interest rate or this GFE is available through . Ater this time, theinterest rate, some o your loan Origination Charges, and the monthly payment shown below canchange until you lock your interest rate.2. This estimate or all other settlement charges is available through .3. Ater you lock your interest rate, you must go to settlement within days (your rate lock period)to receive the locked interest rate.4. You must lock the interest rate at least days beore settlement.
 AB+
ABC BrokerBob Borrower456 Main StreetSomewhere, USA 00000111-222-3333123 Main StreetAnywhere, USA 00000originator@ABCLender.comApril 1, 20094/1/09 @ 4:00 pm4/17/0930
294,566.00
305.0
1,713.98
1,713.981,227.29
3,750.009,751.4413,501.44
 
Print Form
15
 
Understandingyour estimatedsettlement charges
Good Faith Estimate (HUD-GFE)
2
 Your Adjusted Origination Charges
 Your Adjusted Origination Charges
$
Total Estimated Settlement Charges
$
 AB+
3. Required services that we select
These charges are or services we require to complete your settlement.We will choose the providers o these services.
Service Charge 
4. Title services and lender’s title insurance
This charge includes the services o a title or settlement agent, orexample, and title insurance to protect the lender, i required.
5. Owner’s title insurance
 You may purchase an owner’s title insurance policy to protect your interestin the property.
6. Required services that you can shop or
These charges are or other services that are required to complete yoursettlement. We can identiy providers o these services or you can shopor them yoursel. Our estimates or providing these services are below.
Service Charge 
 7. Government recording charges
These charges are or state and local ees to record your loan andtitle documents.
8. Transer taxes
These charges are or state and local ees on mortgages and home sales.
9. Initial deposit or your escrow account
This charge is held in an escrow account to pay uture recurring chargeson your property and includes
c
all property taxes,
c
all insurance,and
c
other .
10. Daily interest charges
This charge is or the daily interest on your loan rom the day o yoursettlement until the frst day o the next month or the frst day o yournormal mortgage payment cycle. This amount is $ per dayor days (i your settlement is ).
11. Homeowner’s insurance
This charge is or the insurance you must buy or the property to protectrom a loss, such as fre.
Policy Charge 
B
 Your Charges or All Other Settlement Services
 
$
 Your Charges for All Other Settlement Services
 A
1. Our origination charge
This charge is or getting this loan or you.
2. Your credit or charge (points) or the specifc interest rate chosen
c
The credit or charge or the interest rate o % is included in“Our origination charge.” (See item 1 above.)
c
 You receive a credit o $ or this interest rate o %.This credit
reduces
your settlement charges
.
c
 You pay a charge o $or this interest rate o %.This charge (points)
increases
your total settlement charges
.
The tradeo table on page 3 shows that you can change your totalsettlement charges by choosing a dierent interest rate or this loan.
Some of these chargescan change at settlement.See the top of page 3 for more information.
-$3,000.00$6,750.00$5,392.25$3,750.00$9,751.4413,501.44
5.03,000.00
Appraisal/Credit ReportSurveyUpfront Mortgage Insurance PremiumPest InspectionTax Service/Flood CertificationInsure-U$220/$40$54/$12$5,066.25$45.00$250.00$650.00
$925.00$725.00$295.00$50.00$1,368.00$306.60$39.59$650.00
39.59
5/31/091

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