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GFE is an important term anyone shopping for a mortgage should know. Bankrate explains it.
GFE is an acronym for good faith estimate. Within three days of applying for a mortgage or reverse mortgage, the loan company is required to give you a GFE, as mandated by both federal and state policies. The GFE approximates the fees you will be expected to pay if you stay with that lender and go on to close on the mortgage.
Although the lender’s GFE is giving you an idea upfront of what your fees will be, it does not guarantee that you will be approved for the loan. You still have to wait until the approval process is completed.
The amount estimated to be due at the time of closing varies by lender, making a GFE a good tool as you shop for a mortgage lender. Once you receive a GFE, you can see at a glance how much you will need to take with you to closing.
A GFE should provide the following information:
Because the true value of a GFE is to allow you to compare one lender with another, it helps to have a quick and easy way to break it down. No matter which lender gives you a GFE, you will see the same three-page GFE that all lenders use. While everything on the GFE is important, there are at least six things you should check before you decide to proceed:
The first box, called “Your initial loan amount is.” It should be only for the amount you expect to borrow. If it is for more, it is likely the lender has rolled other expenses, like closing costs, into the amount.
Use our calculator to get an estimate of your monthly mortgage payment.