What's a Good Faith Estimate?

A good faith estimate is a signed document that a good lender gives you at the time of the initial appointment. It shows closings costs by vendor. Many of the fees are from 3rd party vendors that the broker nor borrower controls. For example, the GFE may show a title insurance, recording and closing charge. It may have an appraisal fee. It may show doc prep, underwriting, tax service, transfer or processing. If the broker is charging for credit reports or origination it would show that. Your closing costs should be within 10% of the fees on the GFE at closing. Ask for your good faith estimate.