Good Faith Estimate
What it is:
A good faith estimate is a written estimate of the fees due at closing for a mortgage.
How it works (Example):
The good faith estimate details the cost of the inspection, title insurance, attorney fees, escrow requirements, documentation fees, loan origination fees and other items associated with the cost of settling the loan and performing the transaction. The estimate itself is written on a standardized form to ease comparability and clarify disclosure.
The Department of Housing and Urban Development provides a sample good faith estimate form here.