what is a good faith estimate

Hello Joe,Good Faith Estimate AKA "GFE" is a sheet that will provide you with the information about the loan you are being offered by the lender, It should include the type of the loan, term of the loan and your estimated closing cost.If you need more information feel free to call our office and talk to one of our Mortgage Advisors for more info.

It's a document required by law to be given to a home loan applicant within 48 hours of applying for a loan.. it's supposed to make it very clear what your costs are associated with the new loan, and break down of those particular fees.. the reality is that most loan officers cannot decipher this, let alone explain it to a borrower.. So when you ask for a GFE, also ask for an "Initial Fee's Worksheet".. this form is basically what the old GFE looked like before the laws changed.. it's much easier to read and understand, and shows your complete housing payment, as well as down payment requirements.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

In GOOD FAITH, the lender gives you an estimate of the total costs and estimated payment on a home loan.

It is a detailed estimate of your interest rate, and closing costs.

I agree with all the previous answers submitted in regards to this question.

Hi Joe, the other answers pretty much have it covered. I would add that if you deal with anyone who will not provide this 3 page form early on in the process which has right at the top of the page, "Good Faith Estimate", do not continue with them. You must have this early in order to really know what you are dealing with and to be able to compare it to other offers. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson