Good Faith Estimate (GFE)
- A document provided by mortgage lenders to loan applicants within three days of application, as required by the Real Estate Settlement Procedures Act (RESPA), detailing all anticipated settlement charges involved at closing
- The bank provided a Good Faith Estimate so the loan applicant could understand the expected closing costs.
- After applying for the home loan, she waited for the Good Faith Estimate to prepare for the financial responsibility.
- He carefully reviewed the Good Faith Estimate before proceeding with the mortgage application.