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Good Faith Estimate (GFE)

Good Faith Estimate (GFE)

Your GFE gives you a detailed breakdown of your estimated costs on your mortgage loan. The Real Estate Settlement Procedures Act (RESPA) requires your mortgage lender to give you a written good faith estimate that shows your closing costs within 3 business days of submitting your application for a loan, whether you are purchasing or refinancing a property. Your actual expenses at closing may be somewhat different from the GFE, but the GFE is your guideline to compare the estimate and actual costs. At closing, fees that different substantially or new fees not included in the estimate should be satisfactorily explained.

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