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What is the Good Faith Estimate?

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What is the Good Faith Estimate?

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You shouldn’t expect the Good Faith Estimate to list the exact charges that you will pay at settlement. The Good Faith Estimate is only an estimate or range of charges. For example, the lender may not know the costs for a settlement agent that you choose, or the exact amount that will be collected for an escrow account for taxes and insurance. The best protection is to let the lender and settlement agent know that you will want to see the HUD-1 Settlement Statement one day in advance. You should question any amount that you do not understand. More information about the Real Estate Settlement and Procedures Act (RESPA) is available at the referenced web site at http://www.hud.gov/offices/hsg/sfh/res/resconsu.cfm.

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This is a summary of costs the Lender thinks you may have to pay. The Good Faith Estimate is only a guess and is NOT BINDING.

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