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Homebuyers Beware: Who’s Ripping You Off Now?—What You Must Know About the New Rules of Mortgage and Credit by Carolyn Warren

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10. The Loan Process in Ten Easy Steps

I’ve seen loan process flowcharts that are so elaborate, with arrows going this way and that, I have to wonder if the author’s purpose was to try to impress me with the complexity and enormity of their job. By contrast, here is a simple checklist that leads you through the steps, from start to finish. If you’re a seasoned homebuyer, feel free to skip ahead to the next chapter.

Carolyn’s Ten-Step Loan Process Checklist

image1. Get a Good Faith Estimate and choose your loan officer.

A Good Faith Estimate (GFE) is a form that shows you your loan amount, interest rate, monthly payment, fees and costs, and other pertinent ...

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