An estimated breakdown of the costs of a mortgage loan. The Real Estate Settlement Procedures Act (RESPA) requires your mortgage lender to give you a good faith estimate of all your closing costs within 3 business days of submitting your application for a loan, whether you are purchasing or refinancing a home. The actual expenses at closing may be somewhat different from the good faith estimate.
- Browse Related Terms: Appraisal, Appraiser, Closing (or settlement) costs, equity, Financial Models, Good faith estimate, Loan to Value (LTV) Ratio
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