Market Insights

Understanding Your Good Faith Estimate

Woman evaluating her good faith estimate on her computer

Your Good Faith Estimate (GFE) is exactly that… an estimate provided to you by a mortgage lender detailing all the anticipated costs associated with buying or refinancing your home.

 

After you apply for a mortgage, your lender must send a GFE to you within three business days of your application being accepted.  If you apply with multiple lenders, each must provide you with a separate GFE.  All lenders are required to use an identical form using the same method and terminology to present your prospective loan to you – making your Good Faith Estimate a valuable “apples-to-apples” comparison tool to evaluate and choose the best loan.

 

How to read your Good Faith Estimate

 

The first page of your GFE provides an at-a-glance statement about your loan.

Good Faith Estimate Information
Good Faith Estimate Purpose
Good Faith Estimate Important Updates
Good Faith Estimate Summary of Loan
Good Faith Estimate Escrow Account Information
Good Faith Estimate Summary of Settlement Charges

 

The second page explains the details that go into each of the lender’s and third party charges.

 

 

Good faith estimate understanding estimated settlement changes
Good Faith Estimate Understanding your estimated settlement charges 2
Good Faith Estimate Adjusted Origination Charges
Charges for other settlement services
Good Faith Estimate charges for other settlement services 2
Good Faith Estimate charges for other settlement services 3
Good Faith Estimate charges for other settlement services 4
Good Faith Estimate charges for other settlement services 5
Good Faith Estimate charges for other settlement services 5
Good Faith Estimate charges for other settlement services 6
Good Faith Estimate total estimate settlement charges

 

The third page explains how you can use the GFE to compare the variable fees different lenders charge.

 

 

Good Faith Estimate which charges can change
Good Faith Estimate using the tradeoff table
Good Faith Estimate using the shopping cart

Did you know?

The home equity you’ve earned
can be used in a multitude of
ways. 


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Start your application online or give us a call.

Main
  • Weekdays 8am–Midnight ET
  • Weekends 10am–6pm ET