What does a good faith estimate mean?

Answer

A Good Faith Estimate is a mortgage form that was used until October 2015. It contained information about your mortgage loan.

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Same form with a new name

You still get a form that lists all the terms of your mortgage, only now it’s called the Loan Estimate, which is a three-page form that includes your estimated interest rate, your monthly payment, your closing costs, and what your property taxes and homeowners insurance is likely to cost you. Use this form to compare different mortgages. All lenders must use the same form, which makes this easy to do.

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