Traveling last week on vacation took me to a car rental office where I met a young woman who was very excited about buying her first home. When she found out that I was  mortgage loan officer she asked me if I had any advise for her and I simply told her to make sure she understood the GFE and TIL and knew about the fees and what each one was for. Her facial expression said it all and I knew it was coming, “What’s that?” she asked.

I took a few minutes and explained what these documents were and why they were important to understand. She asked me who would explain these to her and I said your loan officer should have already given you a copy of these unless they are out of town or something happened to keep them from being unable to do so; I was being nice. She said that they may have sent it to her Realtor, which I said was good but she needed to see and understand them. Though I do not want to do her loan (I prefer doing local) I did offer to look over and explain these documents to her. If you get nothing else out of this post, please make sure you understand these documents so you know how your loan works; why you are being charged what and; how much you will be expected to bring to the closing table.

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