Receiving a good faith estimate. Lenders are required by law to give you the Good Faith Estimate (GFE) within three business days of receiving the loan application. This will explain your loan terms and costs associated with the loan. The GFE must be mailed or hand-delivered by the end of the third day.
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As of October 2015, the Good Faith Estimate document was replaced by the Loan Estimate for most types of loans. Read our guide to learn.
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Good Faith Estimate (GFE) Good Faith Estimate (HUD-GFE) 1 This GFE gives you an estimate of your settlement charges and loan terms if you are approved for this loan. For more information, see HUD’s Special Information Booklet on settlement charges, your
Understanding the mechanics and intent of the Good Faith Estimate and how the loan estimate used today is very similar to the GFE and has replaced it.
The Good Faith Estimate lists these estimated fees to give you an idea of how much your mortgage loan will cost. If you are taking out a first and second mortgage loan, you’ll receive Good Faith.
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The idea behind the Good Faith Estimate and the Loan Estimate is to give you a better understanding of the terms of the loan you’ve applied for. This will allow you to compare these terms with the terms of other loans so you can decide to move forward. The Loan Estimate will be given to you in.
A Loan Estimate is a three-page form that you receive after applying for a mortgage.
This document, called the good-faith estimate, or GFE, is supposed to be provided to you within three days of applying for a loan. The requirement is satisfied if the good faith estimate is mailed.
This good faith standard is measured, in part, by comparing what was disclosed on the loan estimate or revised loan estimate, with what the consumer actually pays at consummation. If the consumer pays more at consummation, that particular fee is not disclosed in good faith unless it falls within specific tolerance limits.
An approximation of the final figure can be found on the Good Faith Estimate, or GFE, a three-page government-mandated form mortgage brokers and lenders are required to give prospective borrowers.