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What is a Good Faith Estimate of Closing Costs (“GFE”)?

April 26, 2017closing costs estimate faith good

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What is a Good Faith Estimate of Closing Costs (“GFE”)?

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Anytime you apply for a mortgage, the Broker or Bank is required to provide you with a GFE. The GFE is an estimate of what all the numbers will look like on the HUD-1 Settlement Statement at closing. When it is time to close your loan, you should compare the GFE to the numbers on the HUD-1 Settlement Statement. Do not sign the loan documents if there are major differences in estimates or there are additional charges that were not disclosed up front on the GFE.