Good Faith Estimate Form

by Feeling Uncertain
(USA)

Ask Kate about Good Faith Estimate Form vs HUD 1 Settlement Statement: I am refinancing my mortgage and down to the final stretch. On my good faith estimate form, I received a credit of $2,543.75 for locking into a 4.375 interest rate.

Feeling Uncertain continues... Now I received my HUD 1 and am only getting $1850.00.

Not sure why! They had issues on their side which postponed closing from last month till today but I don't think I should be penalized for that.

Also on the comparison page on the HUD 1 Settlement Statement, they put the GFE as $1850 not $2543, which makes me think they are trying to get one over on me. Can they do this??

Kate Answers: Good Faith Estimate Form

Dear Feeling Uncertain, There may be a simple answer to clear up your uncertainty.

If your home loan did not close in December but instead is closing early in January, your mortgage fees on the good faith estimate form will reflect additional prorated interest also known as Daily Interest Charges.

However you probably will not have a January house payment which could offset the difference between $1850 and $2543.

Important: Clarify your specific situation with your refinancing lender, as I am only making a general assumption.

Good Faith Estimate Form vs HUD 1 Settlement Statement

Can they change mortgage closing costs, you asked. Please refer to the Good Faith Estimate Form where it explains what charges can change at settlement:

• Required services that you can shop for (if you do not use companies we identify)


• Title services and lender’s title insurance (if you do not use companies we identify)


• Owner’s title insurance (if you do not use companies we identify)


• Initial deposit for your escrow account


• Daily interest charges


• Homeowner’s insurance

Get peace of mind with my simple definition of daily interest charges at Mortgage Closing Costs.

Getting Your Best Mortgage Rate

For those who are in the beginning stages of shopping for lenders, select a mortgage professional who puts you at ease, one who takes the time to answer your questions and promptly returns your phone calls, emails or texts.

Consult friends, family, co-workers and your real estate agent for referrals.

Mortgage Tip: My advice is don't choose where to go for your home loan based solely on the lowest mortgage interest rate.

Learning how to get your best mortgage rate is about much more than shopping around for a quoted eighth of a point lower in rate! In fact, this is what my website is about.

Unlocking the secrets to getting the best mortgage and interest rate for YOU!

One more thing. I'd like to hear back from you. Let me know if this page was helpful to you.

Comment on Good Faith Estimate Form vs HUD 1. Or Ask Kate another mortgage question here.

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Best wishes,

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