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| What is Credit |
| Pre-Qualilfication |
| Process |
| Appraisal |
| Title Insurance |
| Flood Insurance |
| Escrow |
| Financing a Condo |
| Temporary BuyDown |
| APR% |
| Good Faith Estimate |
| Truth In Lending |
| Mortgage Insurance |
Receiving a good faith estimate (abbreviated as GFE) is an important step in determining if the loan you are being offered is a good one for your situation. A GFE includes the proposed interest rate, the term of the loan (XXX/YYY is the typical format, where XXX is the months the payment is amortized over and YYY is the months the loan is due in), a line by line description of the anticipated fees being charged on the loan (all together are called settlement costs), the estimated funds to close (or in some situations, such as a refinance, or on some purchase transactions, you could be getting some cash back at closing), and the proposed monthly payment. The GFE is required to be provided to you within 3 days of a complete application being taken or your credit report being run.
