It’s happened to me, and I’m sure it’s happened to you too. The BIG day arrives – Closing Day! We sit at the closing table with stacks of paperwork ready to sign excited to get the keys to our new homes in St Augustine then BAM …the shocker. We expected to pay $2,500 in closing cost and now find out it is actually $3,000.

Why did the fees escalate by closing? We received the Good Faith Estimate (GFE) of the fees associated with the mortgage loan from the lender. So we were aware of the costs involved, but the GFE is exactly that, an estimate. And as is most often the case, in any business, estimates change, they usually increase.

January 1, 2010, new federal ruled adopted by the Department of Housing and Urban Development took effect. A new and improved Good Faith Estimate was introduced to avoid those closing table surprises.

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Marjorie Taylor, Watson Realty Corp. is a licensed Real Estate Broker and community leader representing Homes in St. Augustine. She holds the professional designations of CDPE, CRS, CSP, e-PRO, GRI, TRC and is passionate about helping clients buy and sell Homes in St. Augustine and Homes in St. Augustine Beach, Florida. 904-591-9121
www.TheBestAgentInStAugustine.com
Marjorie@MarjorieTaylor.net
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