Within three days of submitting your application, your lender is required to send you a “Good Faith Estimate” that lists all closing costs. This is just an estimate and the actual costs at closing may be a little higher. If this document includes charges, you thought were going to be waived, let the mortgage lender know immediately. Be certain the Good Faith Estimate is correct and in your possession, before you sign the letter of commitment.
Following the approval of your mortgage, you can expect to receive a letter of commitment from your lender. This is a formal offer that states the loan amount, the term,(20 yr., 30 yr., etc) The origination fee, the annual percentage rate, points, and monthly charges which include principal and interest.