Panama City Beach Real Estate Market Conditions
Panama City Beach Real Estate Information | Market Conditions | Boating and Fishing

Hi folks,

Effective 01-01-2010 the Department Of Housing and Urban Development (HUD) requires lenders to use a NEW Good Faith Estimate (GFE) form. This is a good thing for prospective property buyers who need financing. The new form strives to make loan costs more transparent for buyers and it includes a Loan Shopping Chart so that buyers can shop lenders and compare apples to apples with regard to loan costs across several lenders.

This should prove to be very helpful to borrowers. Prior to this the GFEs were different from lender to lender so consumers or REALTORS (R) for that matter had a difficult if not impossible time trying to decipher which loan was a better deal for the borrower. Now the GFE is STANDARDIZED and will be the same regardless of which lender the consumer goes to.

Borrowers should use the new GFE to compare lenders deals and find the loan that best meets their needs.

Another new development is a revamped HUD-1 Settlement Statement. This form has been simplified as well and made more intuitive.

Also the new GFE and HUD-1 Settlement Statement gives consumers the tools to compare their estimated closing costs with the actual costs that are on the HUD-1 Settlement Statement. This should serve to reduce the possibility of surprises at the closing table. To facilitate comparison between the HUD-1 and the GFE, Each designated line on the final HUD-1 will now include a reference to the relevant line from the GFE. Borrowers will now be able to easily compare their actual closing costs to what they were given as estimated closing costs on the GFE.

Gotta go!

Kind regards, Mike and Vivian Foate
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MIKE’S CELL: 850-596-4236
VIVIAN’S CELL: 850-814-2372
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Mike and Vivian Foate-REALTORS®
Prudential Shimmering Sands Realty, Inc.
7923 Panama City Beach Parkway
Panama City Beach, FL 32407

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