The Consumer Financial Protection Bureau is responsible for overseeing and imposing regulations relating to finances. The Real Estate Settlement Procedures Act (RESPA) is a federal regulation that specifically pertains to property and financing transactions, including mortgages. One of the rules by RESPA is the requirement that a Good Faith Estimate (GFE) be sent to all individuals who attempt to obtain a mortgage. This article offers information on lender good faith estimates for NH real estate buyers.

Good Faith Estimate Defined

A Good Faith Estimate details closing costs, interest charges, and other charges associated with getting a home loan from a certain mortgage company. It is meant to allow home purchasers to evaluate plans offered by different lenders and to detail the total costs involved with obtaining a mortgage. Mortgage companies are required to produce a Good Faith Estimate within 3 days of a mortgage application.

What Can Vary With Good Faith Estimates

Some items in GFEs are administered individually by a mortgage company while others (such as filing charges) are controlled by municipalities where the paperwork will be put on record. Lender controlled items, such as underwriting charges, differ from one company to another and comparing GFEs is how you will notice those differences. Bear in mind that a GFE is simply an estimate based on facts relevant during the mortgage application. Some charges may not increase, some may change by a limited percentage, and others may be determined by your loan amount and other factors. Ask your lender about which charges are most likely to change if you are concerned about possible increases.

Making Sense of Lender Good Faith Estimates For NH Real Estate Buyers

Although GFE templates have been updated in recent years, it may still be somewhat difficult to understand. Ask your lender or lawyer to go over the data in the GFE and ensure that you understand it prior to moving forward with a particular mortgage. For more information on lender good faith estimates for NH real estate buyers and help with your lending needs, contact Donna DuFour at Accurate Title by calling 800-639-4405 or emailing