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A good faith estimate (GFE) of settlement costs, which lists the charges the buyer is likely to pay at settlement. This is only an estimate and the actual charges may differ. If a lender requires the borrower to use of a particular settlement provider, then the lender must disclose this requirement on the GFE.
· The settlement statement prepaid items section confuses people. A "prepaid item" is exactly what its name implies — a payment related to the mortgage, collected before the payment’s actual.
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Closing costs can range from 2% to 7% of a home’s purchase price, and are generally due the day the transaction is completed. In many instances, consumers are not. All lenders must provide you with a Good faith estimate (gfe) within three days of receiving your completed loan application. This is true of every mortgage lender or broker to.
· You should ahve received a good faith estimate. This would have given you the basic information of what you will need for closing. that number will change slightly once the actual day of closing is set. but you should have an approximate number within a few hundred dollars of what your actual closing costs will be.
Receiving a good faith estimate. Lenders are required by law to give you the Good Faith Estimate (GFE) within three business days of receiving the loan application. This will explain your loan terms and costs associated with the loan. The GFE must be mailed or hand-delivered by the end of the third day.
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These mortgage fees, also called settlement costs or closing costs, cover every expense associated with a home loan, including inspections, title insurance, taxes and other charges. The good faith estimate is only an estimate. The final closing costs may be different; however the difference can only be 10% of the third party fees.
Good Faith Estimate vs. actual closing costs. I’m closing on my condo on Thursday. I received a Good Faith Estimate from my mortgage broker earlier this week and she gave me one number, and when I spoke with my attorney, she came up with a number that is about $2k off.