What is a good faith estimate of settlement costs and how do I get one?
When you apply for a mortgage loan, your lender is required to give you a written list of the estimated settlement costs, or closing costs, associated with the mortgage transaction. This list is known as a good faith estimate of settlement costs. The closing costs reported in the good faith estimate will include the lender’s charges along with the local closing agent’s fees. The good faith estimate will also include the projected costs of property taxes, title insurance, and homeowner’s insurance, among other things.
