what is a good faith estimate?

Profile picture for ronbee46
I am a first-time buyer and would like to know the purpose of a good faith estimate.
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July 02 2009 - Albany
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Answers (2)

Profile picture for Cobalt Financial
The Good Faith Estimate is a document that you should receive from your lender within 3 days of your loan application.  It will break down all charges associated with your loan transaction such as, Origination Fee, Appraisal Fee, Credit Report Fee, Underwriting Fee, Processing Fee, Est.Taxes and Insurance and Title Charges.  These numbers should be pretty close to what your final cost will be at closing give or take a few dollars.  Hope this helps!
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Profile picture for cindychavers
A good faith estimate is provided by the lender to give you an idea of what your closing costs will be for the purchase. The lender is required by law to provide this to you.
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