Read the new RESPA or Real Estate Settlement Procedures Act which has been developed by HUD ( US Department of Housing and Urban Development) to understand the correct process for mortgages and home purchases. If you know what should happen you can more easily detect if there is something incorrect or if you are lacking information you need.
A good faith estimate is the lenders best estimation as to what the additional costs will be in closing the house sale. This can include attorney fees, title searches and appraisals, to name just a few. A real estate loan should include a good faith estimate of the additional charges so the borrower is aware of these costs up front.
