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Showing results for “GFE”

What are late fees on a mortgage?

If you don’t make your mortgage payments on time, you may be charged a late fee, though most mortgage contracts include a grace period. Late fees can be charged only in the amount specifically authorized by the mortgage documents you ...

What is owner's title insurance?

Owner’s title insurance protects the homeowner if someone sues and says they have a claim against the home from before the homeowner purchased it. What is owner's title insurance? When you purchase your home, you receive a document usually called ...

What are prepaid interest charges?

Prepaid interest charges are charges due at closing for any daily interest that accrues on your loan between the date you close on your mortgage loan and the period covered by your first monthly mortgage payment. This amount is listed ...

What is an initial escrow deposit?

An initial escrow deposit is the amount that you will pay at closing to start your escrow account, if required by your lender. This initial amount may be different from what you pay monthly to maintain the escrow account. This ...

What are government recording charges for a mortgage?

Government recording charges are fees assessed by state and local government agencies for legally recording your deed, mortgage and documents related to your home loan. Either a buyer or a seller may pay these fees. These charges are listed in ...

What required mortgage closing services can I shop for?

To figure out which mortgage closing services you can shop for, you will need your Loan Estimate. You can shop for all of the services listed in section C of page 2 of your Loan Estimate. See an interactive sample ...

I never received a Loan Estimate. What can I do?

If you did not get a Loan Estimate within three business days of submitting an application for a mortgage loan, contact your lender and ask if the Loan Estimate has been sent and when it was sent. The lender is ...

What is a Good Faith Estimate (GFE)?

A Good Faith Estimate, also called a GFE, is a document that a lender must provide when you apply for a reverse mortgage. The GFE lists basic information about the terms of the loan offer. The GFE includes the estimated ...

What do I have to do to apply for a mortgage loan?

To apply for a mortgage loan, you will have to provide a lender with personal financial information and information about the house you want to finance. The first step of applying for a mortgage is to request a Loan Estimate ...