Real Estate Terms Glossary
What is a Good-Faith Estimate?
Note that a Good Faith Estimate, sometimes known as a GFE, is a standardized form that contains a long list of the terms and conditions of your loan, particularly the fees due at the closing date. Your lender or bank will give it to you when you apply for a reverse mortgage.
Did you know that the GFE makes it possible for borrowers to compare loan offers from various banks and brokers? After you receive this document, you can easily examine the breakdowns as well as contract terms.
Examples of Good-Faith Estimates
- Example 1: Loan Estimate
- Example 2: Truth-in-Lending disclosure
Here’s Investopedia’s definition of a Good-Faith Estimate .
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