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Please note that the Good Faith Estimate was replaced by the Loan Estimate effective October 3rd, 2015 and is no longer used in the mortgage process. We provide the Good Faith Estimate Cost Item Breakdown below for your reference. We recommend that you review the Loan Estimate instead.
As required by RESPA, the Good Faith Estimate contains detailed information on the key terms of a mortgage, including interest rate and closing costs. Page one of the Good Faith Estimate provides key mortgage information such as interest rate, total Adjusted Origination Charges (lender fees), Charges for All Other Settlement Services (fees for non-lender third parties) and Total Estimated Settlement Charges (settlement charges is another name for closing costs). Total Adjusted Origination Charges and Charges for All Other Settlement Services can be found in items A and B at the bottom of page one. A breakdown of these cost items is found on page two of the Good Faith Estimate and these items are explained in detail in the table below.
The table below explains many of the cost items that are included on a Good Faith Estimate. Please note the last two columns of the table below indicate if cost a item is an up-front or ongoing cost. Up-front costs occur one time and are called non-recurring closing costs. Examples include lender, appraisal, title company, escrow and attorney (if applicable) fees. Ongoing costs are costs that will continue to occur over the life of the mortgage and are called recurring closing costs. Examples include interest (from the day your mortgage closes until the end of the month in which your mortgage closes), homeowner's insurance, pro-rated property taxes and homeowners association fees (if applicable).
The charges shown in the table below are for a conventional mortgage, or a non-government backed mortgage. If you obtain a mortgage through the VA Home Loan Program or FHA Mortgage Program you are required to pay an additional one-time, up-front fee. The up-front funding fee for a VA mortgage ranges from 1.25% to 2.40% of the mortgage amount for the first time use of the VA home loan program, depending on your military status and down payment. The up-front mortgage insurance premium (MIP) for an FHA mortgage is 1.75% of the mortgage amount.
Review the table below to understanding the cost items outlined in the Good Faith Estimate. Understanding these items will help you negotiate a better mortgage and save money
Key GFE items
Item
Definition
Determining Party
Approximate Cost
Up-Front Cost (Non-Recurring)
Ongoing Cost (Recurring)
Interest rate
The interest rate you will pay on your mortgage. The GFE indicates if your interest rate could rise over the course of your mortgage
Lender and borrower
Determined by market and negotiations with lender
~3.75%
X
Adjusted Origination Charges: fees charged by lender or mortgage broker
Origination charges (Origination points)
The total of all broker and lender fees including any origination points (1% of the mortgage amount), administration, commitment or processing fees and other smaller charges
The borrower decides whether to pay a discount point or points to obtain a lower interest rate than he or she would otherwise receive
A discount point is an up-front fee that represents 1% of the mortgage amount
Lender
~1.5% - 2.0% of mortgage amount
X
Lender discount points or credits
If you pay discount points, your interest rate should be lower than if you do not pay points
You may also receive a rebate of lender fees, which is called a credit. This occurs when the interest rate charged by the lender is higher than the market rate
Lender and borrower
1 point = 1.0% of mortgage amount
X
Settlement Services Charges: fees charged by non-lender third parties
Appraisal fee
Fee to obtain appraisal report
Appraiser
~$400
X
Tax service fee
Fee to set-up an account with tax service company to make sure you pay your property taxes
Lender
~$60
X
Flood certification fee
Fee to make sure that the property is not located in a flood plain
Lender
$15
X
Homeowners association (HOA) certification fee
Fee charged by the HOA to provide information on the property
Only applicable if property is subject to HOA fee
Homeowners Association
~$50 - $300
X
Credit Report Fee
Fee charged to obtain a copy of your credit report
Lender
$25
X
Title services and lender's title insurance (Including escrow /closing agent fees)
Sum of all fees charged by the title company and closing or escrow agent. Generally determined by real estate agent if you are buying a home or lender if you are refinancing
Real estate agent or lender
~.35% of mortgage
X
Owner's title insurance
Fee charged to purchase title insurance for buyer
Title insurance that insures the buyer in the rare event that there are defects or errors in the property's title and a party makes a claim against the property at some point in the future
Seller
TYPICALLY PAID FOR BY SELLER
~$1,500
X
Termite / home inspection reports
Fee charged for termite report and home inspection report that identifies potential issues with property
These reports are at the request of the buyer / borrower
Borrower
$35 (termite report)
$200 - $750 (home inspection report)
X
Government recording charge
State and local fees to record your mortgage and title documents
May include grant deed recording charge
Local city / county government
~$150
X
Transfer tax
Tax or fee charged by some local city government to transfer property ownership from seller to buyer
Cost amount varies but can represent 1% or more of the property purchase price
Almost always paid for by the seller
Local city government
TYPICALLY PAID FOR BY SELLER
Cost varies by city
Can be 1% or more of the property purchase price
X
Initial escrow deposit
The lender may require the borrower to pay for property tax, homeowner's insurance and other fees such as private mortgage insurance (PMI) or mortgage insurance premiums up-front
The payment for these fees are deposited in an impound account and then distributed to the appropriate parties when payment is due
If you are not required to pay into an impound account, then this item should be $0
Local government (tax)
Homeowner's insurance company
Lender / government agency (FHA)
Property tax (~1% of property purchase price)
Insurance (~0.1% - 0.2% of the purchase price)
PMI (.20% - 1.65% of mortgage amount)
X
X
Daily interest charges
Daily interest charge on your mortgage from the day of settlement (mortgage closing) until the end of the month
Lender
Depends on interest rate and number of days from date of mortgage closing to first day of the next month
X
X
Homeowner's insurance
Charge to buy homeowners insurance, which is mandatory when you purchase a property
Also referred to as Hazard Insurance
Borrower
~0.1% - 0.2% of the property purchase price
X
%
Current Mortgage Rates in Ashburn,Virginia as of November 29, 2023
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.
Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael
