When you purchase a home in Ledyard or Gales Ferry, and use a mortgage loan to help you come up with the funds needed to close on the transaction, the federal government requires that a mortgage lender provide you with a Good Faith Estimate to detail the dollars that are involved in the transaction. In addition to the Good Faith Estimate, each mortgage lender is required to provide you with a HUD Settlement Costs Booklet. (HUD stands for U.S. Department of Housing & Urban Development.). This booklet contains 32 pages of very helpful information. The most recent version of this booklet was released in December, 2009.
The booklet contains 13 sections, covering anything from a Purchasing Time-line to a Glossary of Terms. Sections 6, 7 & 8 provide information about the Good Faith Estimate, Shopping for Other Settlement Services along with Your Settlement and HUD-1 Settlement Statement.
At McCue Mortgage Company we provide these booklets to our clients at the time of their mortgage application, but are happy to give them to any prospective client as soon as they start looking for a home. The more information that a prospective home buyer has before starting their home search, the more apt that they will not be taken advantage of during the whole process.
Please contact me if you would like a copy of the booklet.
Thank you.
Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil. You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.
Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.
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