A good faith estimate is an estimate of a mortgage scenario from a lender. Lenders are required to give potential borrowers a written Good Faith Estimate (GFE) of closing costs within three days of an application submission. Read here for more information about good faith estimates and mortgage costs.
A home buyer wonders about the limits of a good faith mortgage estimate. Ilyce points out several good online resources to help the buyer select the right mortgage without a good faith estimate. Good fait estimates are usually provided after you apply for a loan.
When you're buying a home your lender will likely ask you to buy title insurance. Title insurance covers the cost of a title search to make sure you have a clear title. Title insurance protects the lender in case it's later discovered that there's a problem with the title. When you're buying a home, it's a good idea to get an owner's title insurance policy too to protect you.