What is a Good Faith Estimate?

What is a Good Faith Estimate?

Ron Goodlin (Mortgage Banker and Broker, The Goodlin Group) gives expert video advice on: When do I apply for a mortgage loan?; Who can help me apply for a mortgage loan?; What is collateral? and more...

A Good Faith Estimate is breaking down all the closing costs for the mortgage that you want to obtain. It will have on there escrow fees, title fees, bank fees, processing fees; it talks about pre-paid interest, homeowner's insurance, taxes, and just really breaks down the whole loan. It's really there to protect the consumer. Before you sign all the final legal documents, you're going to know what you're paying to obtain this mortgage loan.