Another reason you will want to use a good faith estimate is it will give you some idea on the total cost of a property. If you are investing in real estate, it is important to have some idea how much a property will cost in all. The reason for this is if you invest too much money to buy a property, this property can make you lose money in a monthly basis. Some good faith estimates are different from the real closing cost. It is good to use it to give you a rough idea of the closing cost.
One last reason you will want to use a good faith estimate is it will let you know how much you are really willing to spend. If you find the right house and it is a bit out of you range because of the closing cost, you can negotiate with the seller to bring down the price a bit. If you do get the seller to lower the price a bit and you have some idea what the closing cost is, this will give you a better chance that you will not get any last minute surprises. Getting a good faith estimate not only can save you time it can also save you a lot of stress.
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Article Source Good Faith Estimate – Reason To Use