The Good Faith Estimate may or may not be used anymore in loan signings as the new Closing Disclosure has an accompanying document called the Closing Estimate as of 2015. However, it is possible that some Lenders still use a Good Faith Estimate as different Lenders use different forms and variations on forms.
The Good Faith Estimate documents an estimate of what the various closing costs will be. The final numbers show up on the Closing Disclosure or HUD Settlement Statement. It is important for borrowers to understand which document is final and which one is merely a non-binding estimate.
The good faith estimate must be provided within three days of applying for a loan. Costing costs could include inspections, title insurance, taxes, appraisals, notary fees, title charges, reserves, and other fees.
How do I get a Good Faith Estimate Notarized?
If you need to notarize a Good Faith Estimate, just find a Notary on 123notary.com. However, The Good Faith Estimate is not normaly a notarized document, so save your money for getting your Deed of Trust notarized as that is always notarized in my experience!
Who drafts the Good Faith Estimate
It is normally the Lender who drafts or hires an entity to draft a Good Faith Estimate for him/her.
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