What is a Good Faith Estimate?
Answers | 1
In October of 2015 the Good Faith Estimate (GFE) was replaced by the Loan Estimate (LE). But what a Loan Estimate does is it breaks down the numbers for your loan. The Loan Amount, Interest rate, Monthly Payments, closing costs, cash needed to close or cash coming back to you. It also itemizes the fees associated with the loan, such as escrow fees, notary fees, processing and underwriting. There is a lot of information in LE and it is roughly 3-5 pages long.