Good Faith Estimate: It's Part of the Deal

When you plan on getting a mortgage in Savannah anytime this winter, 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. 

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 complicated, after you scan through it once or twice, it actually makes sense. The reason it is a good idea is because of the number of charges that may or may not be on there. It prevents sudden last-minute cash flow surprises at closing. 

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Once you receive your GFE, you'll also receive a Truth in Lending (TIL) disclosure form. This gives you the annual percentage rate for your mortgage, taking into account mortgage insurance, discount points and other assorted fees.

The GFE is exactly what it says - an estimate. This isn’t so that the lender can suddenly raise the prices: there is a built-in variability to the various processes that truly cannot be guaranteed until the last ‘i’ is dotted and the last ‘t’ crossed. The figures quoted in a GFE can rise as much as 10 to 15 percent or more by closing…they can also fall. The GFE comes in quite handy when you’re getting a mortgage because you can compare it with the final, see where any differences appear, and be assured that it all makes sense.

Getting a mortgage is an integral part of becoming a Savannah homeowner. Understanding the costs at every step of the way is a big part of the decision-making process – it is just one of the services every one of our clients can be sure we will provide.

Landscaping Now for Future Value

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It’s a guiding principal among Realtors that superior landscaping adds value to any housing for sale. In Georgia, different studies arrive at differing answers for how great that incremental increase actually is, but most agree that it lies somewhere in a range between 5% and 14%.


Needless to say, that is huge! Since there isn’t anything like a universal way to define ‘good,’ ‘bad,’ or even ‘average’ landscaping, you can’t pin down its precise value. Nevertheless, what is certain is that in offering any housing for sale, the result will be greatly influenced by the first impression the property makes – its ‘curb appeal’. Landscaping is a great part of that.

The landscaping term covers a wide swath of meanings including just about every part of a property that isn’t physically part of the house itself. Improving it can be simple and inexpensive – or not!

·         A well-maintained lawn is commonly the first ‘must’ for improving the value of any housing for sale. A messy yard will put off most potential buyers immediately: that can make an otherwise sparkling property seem old and run-down. Think of landscaping as a frame or prelude to what a home's interior has to offer.

 

·          Adding and improving ornamental detail is one of the least expensive and most impactful ways to upgrade housing for sale. Professional landscapers know how splashes of color placed in appealing places can please the eye and distract from features that would otherwise detract from an overall impression. Long story short: be willing to freshen up over-the-hill plantings and planters before they become visual liabilities.

·         Taking the long view, the time/budget tradeoffs are fundamental realities when it comes to more major plant landscaping. A tree planted now can mean a great improvement to any housing for sale five or ten years from now. Just ask a nurseryman what is involved in transplanting a mature tree!

Attractive landscaping adds a welcoming factor to any Savannah housing for sale. Moreover, there is another real benefit we don’t often think about: the increased pride of ownership that enriches the homeowning experience beyond its dollars-and-cents value.

This winter, with inventories trending lower, some homeowners may suspect that now could be the right time to list their Savannah home. If you are one of them, give us a call to talk strategy and the best way to take seasonal advantage of your own property. You can also receive a FREE no-obligation evalutation to get an even better idea of what your home is worth.