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Five Star Mortgage, LLC
2280 Satellite Blvd.
Duluth, GA 30097
OFFICE 770.495.3516
FAX 770.495.3528
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The Good Faith Estimate.
The "Good Faith Estimate" contains a list of charges that are associated with closing a particular home loan or mortgage. The charges are based on the lenders general experience and knowledge of the area in which the purchase or refinance will occur.
The "Good Faith Estimate" is divided into four (4) sections. The first section details the fees associated with the loan such as the origination fee, loan discount points, appraisal fee, underwriting fee, tax service fee, title examination and binder fees, attorney fees, document preparation fee, title insurance fee and state tax fees. The second section details the prepaid expenses and includes prepaid interest, prepaid hazard insurance, any mortgage insurance premiums and the funds to be collected to establish an escrow account should the borrower elect to have one. The third section explains the estimated monthly payment. The final section is a summary of sections one and two and also includes the down payment. This final section will tell the borrower the total estimated cash needed to close the loan.
Five Star Mortgage will be happy to provide prospective buyers with a Good Faith Estimate in order to help with knowing approximately how much closing cost to ask the seller to pay when negotiating a purchase. Please remember that until we have an exact address and can evaluate all the information regarding it, the preliminary Good Faith Estimate is a very close estimate and should be used as a guide.
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