Study the Good Faith Estimate (GFE)

I have had the unfortunate experience too many times of a buyer getting shocked at the closing table, because the cash required to close was higher than anticpated. It is extremely frustrating to everyone in the room as making changes to a buyer’s new loan may take days - not minutes. I highly recommend that every buyer review the good faith estimate (GFE) well in advance of closing (ideally a week). On occasion, this is not possible due to time constraints, but if the buyer asks the loan officer should have everything together. Nichole Fredrickson, an expert with Lakeville homes, wrote a great post about good faith estimates, and why they are so important to home buyers.