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Good Faith Estimate
(redirected from Good Faith Estimates)

   Also found in: Wikipedia 0.01 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.



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Should they decide to take the next step, they should get Good Faith Estimates from the lenders in their shortlist or even ask for pre-approval.
In the past, good faith estimates had "no teeth," said Brian Sullivan, a spokesperson for the U.
Using the SmartGFE Service--the largest and most comprehensive source for real estate closing costs and associated data in the marketplace, according to ClosingCorp--mortgage originators create more accurate Good Faith Estimates (GFEs) quickly and efficiently.
 
 
 
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