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What is a Good Faith Estimate?

April 26, 2017estimate faith good

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What is a Good Faith Estimate?

32 Answers

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Your lender or loan agent must provide you with a good-faith estimate within three days of your application. This is the information you need to make a fair and accurate judgment when shopping for a loan. Your estimate is a written document that shows all the costs that can be estimated in advance by the lender. You need this information so there are no surprises on the day you close your sale on the property to be purchased. You will be expected to pay closing costs, or negotiate for the seller to pay them for you!

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This is a detailed list of estimated closing which we also provide to you within three business days of applying for the loan. The best approach is to request this list before choosing a loan.

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(back to top) It is an estimate of the fees that you will pay to close your loan.

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A. This is an estimate on closing costs and prepaid items disclosed to you by the lender within three days of the date of application.

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It is the document that summarizes your loan amount, interest rate, term of loan, monthly payment, closing costs, and cash back to you or cash needed to close. It is provided to you within three business days of receiving the loan application.

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