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
 

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
 
advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

6 more car recalls at GM

General Motors (GM) has issued yet another six recalls, totaling nearly 718,000 cars in the United States.  ... Read more


Connect with us