What Is a Good Faith Estimate When Buying a Home?

A professional real estate developer, Peter M. Avedon has been active in the New York real estate market for quite a while. He has 48 years of experience, and has been involved in the development of both residential and commercial property. Peter M. Avedon has also developed properties in Manhattan, Brooklyn, and Long Island. Over the years, he has developed homes for sale across the United States.

When buying a home with a mortgage, a good faith estimate (GFE) is one of the crucial documents required. A GFE is a standard document that lenders must use to inform borrowers of mortgage terms. It outlines all the costs of the mortgage loan, including loan amount, term, interest rate, whether there is a prepayment penalty, origination charge, etc.

Additionally, GFEs help borrowers shop around and compare the cost of loans with various lenders. Borrowers are not obligated to accept a loan just because they have received a GFE. Smart mortgage shoppers apply for at least two loans and use the GFEs to determine which lender to use.

Exploring Long Island Sound by Sailboat

Peter Max Avedon is an established presence in the Great Neck, New York building community and heads the Avedon Development Company. With a longstanding passion for boating, Peter M. Avedon achieved victory in a sailing regatta held in Newport, Rhode Island.

One of the most popular maritime destinations for residents of New York City and its environs is Long Island Sound, an inland body of water that stretches 100 miles and has the coast of Connecticut bounding it to the north. Sailing enthusiasts rely on prevailing southwesterly breezes for a north-south route, on a reach that requires tacking just a few times to make landfall and chart a course back.

As detailed in a New York Times article, one popular route starts at one of City Island’s several marinas and involves a four nautical mile traverse to Long Island’s Manhasset Bay. Once Belden Point is reached, the sailor hews a course southeast across the sound and rounds Hewlett Point, which heads Great Neck. From this point, an ideal landing is Port Washington down the bay, or Plum Point, a nearby spit that offers restaurants equipped with floating docks.