Resources > Glossary > Good Faith Estimate

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Good Faith Estimate

Function: noun

Definition 1:
This document estimates what the closing costs will be on a loan but is by no means a final accounting. The HUD-1 Settlement Statement is a final version of what the costs are in a loan. The good faith estimate must be provided within three days of applying for a loan. Costing costs could include inspections, title insurance, taxes, appraisals, notary fees, title charges, reserves, and other fees.