Good Faith Estimate (GFE)

Printable version of the Good Faith Estimate

The Good Faith Estimate or GFE provides you with estimates of the charges you are likely to pay at closing. Remember, the fees listed are only estimates. The actual charges may be more or less, but, in general, they should be pretty close to what you’ll pay at closing. Keep in mind; your transaction may not involve a fee for every item listed in this document.

The GFE is broken out into major costs areas:

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Section #800 is for items payable in connection with your loan. Here you will find your loan fees, credit fees, appraisal fees, and other costs directly related to obtaining a loan.

Section #900 is for items required by your lender to be paid in advance. These are items such as interim interest and insurance premiums.

Section #1000 is for reserves deposited with lender. These are things such as monthly amounts reserved aside for the payment of next year's insurance.

Section #1100 is for title charges. This section will also show the cost of closing the loan or settling.

Section #1200 is for government recording and transfer charges.

Section #1300 is for additional settlement charges, such as the cost of a pest inspection.

Finally, you should see the:

• Total of your estimated settlement charges
• Total estimated monthly payments of your loan, and
• Total estimated funds to close your loan.

TOTAL ESTIMATED SETTLEMENT CHARGES:

TOTAL EST. MONTHLY PAYMENT:

TOTAL ESTIMATED FUNDS TO CLOSE:

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