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Mortgage Professor about Good Faith Estimate: | |||||||||||||||||||||||
A "Bad Faith Estimate": Any Recourse?
19 April 2004, Postscript 18 June 2004 "At our closing last year, I was shocked to find that the title insurance cost was $800 higher than the estimate shown on a revised Good Faith Estimate (GFE) we had received several days before the closing. At the closing, held at ... more... Does the Good Faith Estimate Help? January 7, 2002 "I am working with a mortgage broker who gave me a document called ?Good Faith Estimate?. It shows the interest rate, term, loan amount and a listing of all the charges I will pay at closing: loan-related charges, title charges, everything. It looks to me as ... more... |
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Good Faith Estimate related definitions |
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Good Faith Estimate, GFE
Good Faith Estimate (GFE) A disclosure of estimated settlement costs. Lenders or brokers must provide this list to the loan applicant for a mortgage loan within 3 business days after receipt of the application. The GFE is intended to assure that consumers have adequate ... more... Closing Closing The meeting between the buyer, seller and lender or their agents where the property and funds legally change hands. Also called settlement. Closing costs usually include an origination fee, ... more... |
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