| Dictionary, Encyclopedia and Thesaurus - The Free Dictionary 1,762,674,821 visitors served. |
|
Dictionary/ thesaurus | Medical dictionary | Legal dictionary | Financial dictionary | Acronyms | Idioms | Encyclopedia | Wikipedia encyclopedia | ? |
Good Faith Estimate |
Also found in: Dictionary/thesaurus, Acronyms, Wikipedia | 0.03 sec. |
|
Good Faith Estimate In mortgages, a detailed list of all the all-in costs of a loan, which the prospective lender must provide to the prospective borrower within three days of applying for the mortgage. Commonly included in a good faith estimate are origination fees, government fees, the cost of the credit report, etc. Each fee is preceded by a number on the good faith estimate; the number comes from the HUD-1 Real Estate Settlement Statement, which assigns a number to each type of fee. Good faith estimate. A good faith estimate is a written summary provided by your mortgage lender. It shows the amount you can expect to pay at your real estate closing to cover all the fees and expenses that are part of arranging your mortgage loan. It includes, among other things, the title search and title insurance, lawyers' fees, transfer taxes, and filing fees. The total amount of a good faith estimate is in addition to the down payment you will make. Good Faith Estimate (GFE) The form that lists the settlement charges the borrower must pay at closing,which the lender is obliged to provide the borrower within three business days of receiving the loan application. See Settlement Costs and Mortgage Scams and Tricks/Strictly Lender Scams/Pad the GFE. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
|
| ? Mentioned in | ? References in periodicals archive | |
|---|---|---|
All fees are to be outlined on both the Good Faith Estimate, which states interest rate, amount of mortgage, and loan terms, as well as all fees, and the Truth in Lending form, which breaks down the total financial evaluation," explains Alice Long, a processor for Cidmortgage in Farmington Hills, Missouri. After the escrow closes, some folks find they were charged for fees that were not included in the good faith estimate. A description and good faith estimate of the value of any goods and services provided in consideration for the contribution. |
| Financial Dictionary |
| Free Tools: |
For surfers:
Free toolbar & extensions |
Word of the Day |
Help
For webmasters: Free content | Linking | Lookup box | Double-click lookup | Partner with us |
|---|