Eight Steps to Finance Property
5. Good Faith Estimate
The "Good Faith Estimate" is a document that you will receive within days after completing your loan application. This document will provide you with all of the details about your loan – the term of the loan, the interest rate, the "points" (a fee you pay for obtaining the loan), the "rate lock" (how long the Lender will guarantee the terms of your loan before it has to be rewritten).