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what determines the amount of a good faith estimate?
3 Answers
- 1 decade agoFavorite Answer
There are a lot of things that determine the amount of a good faith estimate.
1. Amount of Loan
2. Amount of Lender's Fees
3. Do you have an escrow account or not
4. Title Insurance
5. State and Local taxes
6. Pre-paid interest
There are a lot of little other things that will go into your closing costs, but those are the main things that will effect your closing costs, pre-paid items and actual payments.
- 1 decade ago
A Good Faith Estimate is just an estimate of costs involved in obtaining the loan. Some of these costs are credit report fee, title insurance, appraisal, recording fees, property taxes, fire insurance, HOA fees, escrow fees, lender points paid for loan, and broker fees.
These fees vary so it's best to get a few estimates and compare them before you commit to a loan.
