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This makes it easier to compare the charges a loan applicant receives on the good faith estimate to the HUD-1. 800 ITEMS PAYABLE IN CONNECTION WITH LOAN: 801 - Loan Origination Fee; This fee is a charge for originating or creating the loan 802 - Loan Discount
A loan estimate is just that: an estimate. Here’s what you need to know. A loan estimate is just that: an estimate. ... While the information in the document is a good faith estimate — in ...
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A Good Faith Estimate of settlement costs is a three-page document that shows estimates for the costs that the borrower will likely incur at settlement and related loan information. It is designed to allow borrowers to shop for a mortgage loan by comparing settlement costs and loan terms.
In the context of transactions in goods, most jurisdictions in the United States apply Section 2-306(1) of the Uniform Commercial Code, which imposes a good faith limitation on purchases under a requirements contract. [6] The Code states: § 2-306. Output, Requirements and Exclusive Dealings.
A new survey reveals that more than half of homebuyers today don't know what the Good Faith Estimate is actually good for - namely, to shop around for the cheapest mortgage loans on the market.
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