A good faith estimate (GFE) is provided by a mortgage lender or mortgage broker to a mortgage applicant. The GFE is required by the Real Estate Settlement Procedures Act (RESPA). The estimate (and this is only an estimate) must include an itemized list of fees and costs associated with the loan and must be provided within three business days of applying for a loan.

These mortgage fees, also called settlement costs or closing costs, cover every expense related with a home loan, including inspections, title insurance, taxes and other charges.

A good faith estimate is a standard form which is intended to be used to compare different offers (or quotes) from different lenders or mortgage brokers. The good faith estimate is only an estimate. The final closing costs may be different, sometimes very different.

You will be best off:

1. Obtaining your own credit report --this way numerous brokers are not inquiring into your credit score, therefore reducing you FICO score.
2. Shopping around for a mortgage with several reputable mortgage lenders, banks and mortgage brokers.
3. Choosing the one who provides you with most up front and honest cost savings. Too many times you can receive a Good Faith Estimate only to find the fees completely different at closing time.