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Good Faith Estimate
Updated
January 19, 2023
A Good Faith Estimate, also known as a GFE, is a form that must be provided by a lender when you apply for a reverse mortgage. The GFE provides basic information regarding the mortgage loan offer's terms. The GFE comprises the mortgage loan's projected costs. The Good Faith Estimate offers you basic loan information that will assist you in the following ways: - Offers should be compared - Recognize the actual cost of the loan. - Make an informed selection when selecting a loan. The lender must furnish you with a GFE within three business days of receiving your application or other needed information. Before accepting a GFE, you may be charged a credit report cost. However, you cannot be charged any more fees until you receive the GFE and confirm your intent to proceed with the mortgage loan.
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