Mortgage Glossary
Good Faith Estimate
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A Good Faith Estimate (GFE) was the older disclosure of estimated loan terms and closing costs, replaced in 2015 by the Loan Estimate.
What Good Faith Estimate means
Under the TILA-RESPA rules, the standardized three-page Loan Estimate now does the same job more clearly, making it easier to compare lenders. You'll see the term GFE mostly in older paperwork.
Florida example
A Florida borrower comparing offers today receives Loan Estimates, not GFEs. The modern form lists the rate, monthly payment, and itemized costs in a fixed format so two lenders can be lined up side by side.
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