What is a Good Faith Estimate? - Definition

What is a Good Faith Estimate? - Definition
A Good Faith Estimate is an estimate of the costs associated with a Real Estate Loan. Generally it is a disclosure that is only an Estimate (the figures are subject to change based on changes to the loan application) of the costs that is to be provided to the borrower prior to

the closing. The actual costs associated with the loan are outlined on the settlement statement and can not be provided until the entire process is complete.