TeachMeFinance.com - explain good faith estimate
faith estimate --an estimate of all closing fees including pre-paid
and escrow items as well as lender charges; must be given to the
borrower within three days after submission of a loan application.
good faith estimate -- a disclosure required under the Real Estate Settlement Procedures Act (RESPA) that must be given to all mortgage loan applicants at the time of application. The disclosure is an estimate of all settlement charges likely to be incurred at closing.
About the author
Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.