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Good Faith Estimate

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Good Faith Estimate
A breakdown of cost to originate a mortgage loan.
    
In the u.s,a  good faith estimate must be provided by a mortgage lender or Broker  to a customer, as required by the Real Estate Settlement Procedures Act (RESPA). The estimate must include an itemized list of fees and costs associated with your loan and must be provided within three business days of applying for a loan.
    
These mortgage fees, also called settlement costs or closing costs, cover every Expense associated with a home loan, including inspections, title insurance, taxes and other charges.
    
A good faith estimate is a standard form which is intended to be used to compare different offers (or quotes) from different lenders or brokers. Being only an estimate, the final closing costs may be different - sometimes very different.
Posted by  Privatebanking.com
 
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