mortgage

What is a good faith estimate?

 

What is a good faith estimate?

The Bankrate.com financial term of the day is: "good faith estimate," or "GFE."
What's this new mortgage going to cost me? A borrower will find the answer in something called the "good faith estimate," or GFE. It's a written estimate of closing costs that a lender is required to provide within three days after receiving a home loan application. Brokers or lenders must be as accurate as possible in providing their estimates, which can help borrowers compare loan offers and make a smart choice.

A mortgage carries a price tag. The likely cost of your home loan will be expressed in your lender's good faith estimate, or GFE.

To shop for a great mortgage rate, visit the rate tables at Bankrate.com.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Crissinda Ponder

Stale jobs report, crisp mortgage rates?

The June jobs report was less-than-stellar. Find out what it means for mortgage rates.  ... Read more

advertisement
Partner Center
advertisement

Connect with us