Released: November 07, 2009

Putting ‘good faith’ back in closing

Source: Kenneth R. Harney, Washington Post (Free Registration)

Remember the bad old days of 11th-hour mortgage settlement cost shocks and mystery junk fees? Remember when the “good-faith estimates” your lender gave you upfront said closing costs would be about $2,000, but somehow they ballooned to $3,500 on the final settlement sheet?

Worse yet was when you had to come up with extra money to handle the surprise costs, or the home purchase or refinancing could not proceed.

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