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Lender Documents

There are several forms that you’ll use in working with lenders, and these are highly standardized. Early in the process, you’ll run into the Loan Application form and the lender’s Good Faith Estimate.  These are both lender documents.  The application form requires little explanation. The good faith estimate is the lender’s attempt to give you a reasonable estimate of all the costs involved in purchasing a property. To determine whether the sales price is reasonable, the lender will hire an appraiser.  The appraiser will do an evaluation of the value of the property, called an Appraisal.  The appraisal is based on comparable sales prices of other properties on the market. At closing, assuming you need to get a loan to purchase your property, you’ll sign a small mountain of paper. The Note and Deed of Trust are among the most important because they outline the terms of your contract with the lender.