What is a Good Faith Estimate (GFE)?
A Good Faith Estimate, also called a GFE, is a form that a lender must give you when you apply for a reverse mortgage. The GFE lists basic information about the terms of the mortgage loan offer.
- Compare offers
- Understand the real cost of the loan
- Make an informed decision about choosing a loan
The lender must provide you with a GFE within three business days of receiving your application or other required information. You can be charged a credit report fee before receiving a GFE. But, you can't be charged any other fees until you get the GFE and indicate that you want to proceed with the mortgage loan.
Note: If you applied for a mortgage on or after October 3, 2015, you will receive a form, called the Loan Estimate, instead of a GFE for most kinds of mortgage loans. If you are applying for a HELOC, a manufactured housing loan that is not secured by real estate, or a loan through certain types of homebuyer assistance programs, you will not receive a GFE or a Loan Estimate, but you should receive a Truth-in-Lending disclosure.
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