Definition
A historical document that lenders were required to provide showing estimated closing costs for a mortgage. The Good Faith Estimate (GFE) was replaced by the Loan Estimate form in 2015 under the TILA-RESPA Integrated Disclosure (TRID) rules. The newer Loan Estimate provides more standardized and transparent cost information, making it easier to compare offers from multiple lenders.
Related Mortgage Terms
- Closing Costs
Fees and expenses paid at the finalization of a real estate transaction, typical...
- Loan Estimate
A standardized three-page document that lenders must provide within three busine...
- Closing Disclosure
A five-page standardized form that itemizes all the final details of your mortga...
- Amortization
The process of paying off a mortgage through regular monthly payments of princip...
- Annual Percentage Rate (APR)
The total annual cost of a mortgage expressed as a percentage, including the int...
Understanding mortgage terminology helps you compare loan offers and make informed decisions. Use our mortgage calculator to see how these terms affect your monthly payment.