Recently, there have been many changes in the financing world. One big change for those looking to purchase a home is the new Good Faith Estimate. The changes were set up to standardize the information you receive when applying for a loan and to make it easier for borrowers to compare lenders. What you should know is that there are 6 pieces of information that you will need to give a lender before receiving a Good Faith Estimate. The big change is that you now need a Property Address and Estimated Value of Property. This means that you need to have chosen a home BEFORE receiving a Good Faith Estimate from a lender. Check out the other requirements listed below:
Elements of an application:
o Borrower’s name
o Borrower’s monthly income
o Borrower’s social security number to obtain credit report
o Property address
o Estimated value of property
o Loan amount
*Must have ALL six pieces of information before issuing GFE
For more information on financing changes including those to the Good Faith Estimate, you can contact one of McArthur Homes' preferred lenders.
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