Comparing Good Faith Estimates

To protect consumers and encourage comparison shopping, a standardized form called a Good Faith Estimate of closing costs was established by HUD. By law, the Good Faith Estimate and Truth-in-Lending must be provided to you within three business days after your lender receives your completed loan application. Page one of the Good Faith Estimate summarizes your loan interest rate, loan terms and escrow account. Page two outlines the costs involved in your mortgage loan and page three explains the tolerance levels allowed in the form and offers a shopping chart. The three page Good Faith Estimate form was recently updated in January 2010 making lenders accountable for their quotes.

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