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• 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.

  The Federal Reserve Board - Cite This Source - This Definition
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  Cite Definition for Good faith estimate

  American Psychological Association (APA)

  Good faith estimate. (n.d.). A Consumer's Guide to Mortgage Refinancings. Retrieved March 28, 2023, from website: http://www.expertglossary.com/definition/good-faith-estimate.

  Chicago Manual of Style (CMS)

  Good faith estimate. www.federalreserve.gov. A Consumer's Guide to Mortgage Refinancings. The Federal Reserve Board. http://www.expertglossary.com/definition/good-faith-estimate (accessed: March 28, 2023).

  Modern Language Association (MLA)

  "Good faith estimate." A Consumer's Guide to Mortgage Refinancings. The Federal Reserve Board. 28 March. 2023 http://www.expertglossary.com/definition/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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