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.

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