Good Faith Estimate Definition
The estimated amount of all the charges, costs, and fees a borrower has to pay associated with a mortgage loan on a property. These expenses also cover fees of inspections, appraisal fees, sales commissions, title insurance, taxes, loan origination fees, and other charges. The estimate allows the borrower compare the offers of different lenders or brokers. As the amount is an estimate only it does not match the actual total amount.