Question:

Good Faith Estimate (GFE) Definition

Answer:

Good faith estimate (GFE) is a list with standard costs associated with your mortgage loan. It is supposed to be provided by the broker or lender within three days after a loan application is submitted and is used to compare different loan quotes. Often, the good faith estimate will be significantly different from the real loan closing costs.

The good faith estimate (GFE) will usually list loan fees such as loan origination, credit report and appraisal; minimum amount deposited in the escrow account such as hazard insurance and PMI; title fees, government and any other loan settlement charges.

All the items on a good faith estimate should correspond to the items on the HUD-1 real estate settlement statement, so that you can easily compare items.

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Common misspellings: mortage and morgage