Good Faith Estimate

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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.

References in periodicals archive ?
The only accepted method of connecting to a DON network via a public hot spot is via a GFE laptop with the proper Designated Accrediting Authority approved Wi-Fi hardware and software installed.
To view and comment on the two proposed GFE forms, visit www.
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In addition, the GFE will consolidate closing costs into major categories to prevent "junk fees" and display total estimated settlement charges prominently on the first page so the consumer can compare loan offers.
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The IOCC agreement is part of a $300 million pilot GFE initiative to expand access to basic education and improve childhood development in poor countries.
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But Frank Hargreaves, secretary of the GFE group, said: "The shambolic distribution of the voting brochures and shameful lack of information in them holds this club and its supporters in complete contempt.