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"What is the Good Faith Estimate (GFE)
and why is it important to me?"
With Texas Mortgage Financing, the GFE shows what your closing costs are and where that money is going. It also shows your interest rate, your monthly house payment, and the costs for property taxes and homeowners insurance.
The GFE has lines numbered 800 through 1302. Some costs in the 800s lines are ones the loan office has control over. These are the ones to pay attention to when shopping loans.
These costs include loan origination, discount fee (if any), appraisal, credit report, loan processing, etc. These are lines 801-810.
The other costs on the GFE are estimates of money going to outside venders. Other than the actual lender being used, the Texas loan office normally has no control over these venders and usually does not choose them.
Some mortgage offices play games with these estimates, deliberately low-balling to make their mortgage offer seem more attractive.
What borrowers need is accurate numbers. I suggest borrowers focus on the items above in lines 800-810 when comparing financing offers. Not that the estimates on the GFE aren't important, because they are, too!
But those costs are going to be what the are, regardless of whether you choose lender A or lender B.
And it is important to have accurate estimates from offices that don't play game with the numbers, so that you have a good idea of the cost required to close on your home loan.
For TX mortgages pre-qualification, please click on:
Texas Mortgage Financing
"What about interest rates and monthly house payments?"
The other important numbers the Texas Mortgage Financing GFE provides you are the monthly house payments, interest rates, property taxes, and homeowners insurance costs. Once again, some offices play games with some of these numbers.
Texas property taxes and homeowners insurance costs are going to be the same whether you choose lender A or lender B. But you need a good idea of these costs, to know if you are comfortable with the total monthly payment and if you qualify for the loan.
One way to deal with this is to compare Texas Mortgage Financing interest rates and monthly payments without taxes and insurance, setting those aside for separate analysis.
How I deal with this is to use actual tax numbers for the property from the appropriate appraisal district and actual insurance quotes the borrower has received.
Texas Mortgage Financing--
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For TX financing pre-qualification, please click on: Texas Mortgage Financing
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