Applying For A Loan
Once you have negotiated a final purchase offer with the seller, you are ready to
finalize the loan application process. Under RESPA (Real Estate Settlement
Procedures Act), lenders are legally required to provide you with a good faith estimate
within three days after receiving your application. The information gives you an estimate of your closing costs
and monthly payments. This good faith estimate does not require lenders to
provide a detailed breakdown of the closing cost items or to identify the
persons responsible for the payments. Therefore, it is important for you to work
with your real estate agent or attorney to understand all the closing cost fees.
This will ensure that there are no unexpected expenses related to your final
closing costs.
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