Legal Question in Real Estate Law in Oregon

Re: Good Faith Estimates

None.

A good faith estimate is just that, an estimate. If the terms of the loan change (due to credit issues, passage of time, etc.) then the lender's good faith estimate will no longer reflect the reality of the loan.

If you review the estimate closely, you will probably determine that there were a number of changes between the estimate and the final loan. For example, the property taxes could be higher than estimated, the interest rate could have increased, you might have decided to make a smaller downpayment, or any number of other variables. Any one or more of these variables could cause the final loan payment to be greater than the original estimate.

The time to ask questions about the difference between the estimate and the actual numbers is before you sign the loan documents to finalize your loan.