A Good-Faith Estimate (GFE) is a document from a lender outlining estimated mortgage loan costs, including interest rates, fees, and other charges, to help borrowers understand their financial commitment. In Jamaica, it’s provided during the mortgage application process, offering transparency on closing costs and fees. Globally, including in markets like the United States, the GFE is standard practice, allowing borrowers to compare loan offers and make informed decisions. It ensures fair lending practices, helps avoid unexpected costs, and is typically provided early in the application process, promoting transparency and smoother transactions.
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