Getting a home loan in Ann Arbor. Today I attended a Continuing Education Class taught by Tom Richardson, General Counsel of Liberty Title Company.
The next several posts I am going to go through the steps as everyone who is buying a home in Ann Arbor Area is being affected by the new Good Faith Estimates and Housing and Urban Development Forms.
All the new rules came into effect on January 1st. The three things I want you to remember as we start the series are:
- The lender is required to provide you a GFE (Good Faith Estimate) within 3 days of applying for the loan.
- Certain fees can not change at all. A few can change up to 10%, and 3 can change at closing. More details coming.
- The purpose of the new act is to help you the buyer know the true cost of purchasing a home. You are encouraged to shop and compare.
Here is a little graph I created to show you the 12 steps to obtaining a loan in the Ann Arbor Area.
You can download the entire guidelines at HUD.gov and download the Shopping for Home Loans, HUD’s Settlement Cost Booklet.