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What is the Good Faith Estimate?

In the process of buying or selling a home – the Good Faith Estimate (GFE) is what boils down all the numbers and tells buyers what the home is costing them with closing, prepaids, and how much they need to bring to the table; for the seller it tells how much the Sales Price of the home less any closing costs, prepaids, mortgage payoff(s) and finally the total NET amount to seller.  (more…)