Tagged : dallas mortgage

Found 2 blog entries tagged as "dallas mortgage".

When you plan on getting a mortgage in DFW anytime this summer, you’re fairly certain to run into something known as the GFE. It’s the acronym for ‘Good Faith Estimate’-- and despite the reassuring name, the federal government decided they had better make it mandatory (to me, the opposite of having much faith at all).

The GFE has a new format dictated by the federal Real Estate Settlement Procedures Act which requires lenders to provide an estimate of the charges and fees due at closing. Lenders have three days to make it available.

The GFE looks like a bill. It features a list of fees and charges denoted by three-digit codes. It is grouped into sections to make it more readable, and although at first glance the resulting grid looks overly

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Anyone interested in buying a house in the Dallas area today has heard that they should expect to find tougher mortgage lending requirements. Sometimes that can seem arbitrary -- or just plain unfair. But unfair or not, the new lending reality is probably here to stay for a while, and the causes are understandable.

The mortgage industry learned a powerful lesson from the past, when it pretty much gave anyone who applied a generous loan - sometimes with practically no questions asked. But this “generosity” created financial problems for both the banking industry and the country as a whole. It's not hard to understand why lending guidelines are stricter.

Reducing Loan Defaults
The overriding reason for tougher lending policies is to reduce the number

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