Can I count on the closing costs on the final settlement statement at closing to be similar to the costs reflected on the good faith estimate I received?
The good faith estimate is exactly what it is called. An estimate of fees associated with your loan. It is also important to note that a good faith estimate is not a commitment to lend money. With that being said, the loan officer has a duty to make sure the fees listed on the good faith estimate will be as accurate as possible. These are not guaranteed though (refer to the small print on the bottom of the estimate) and unfortunately this does not always happen. Usually a good loan officer will provide you with a good estimate. There are many cases in which the loan officer may not have much training and does not provide an accurate estimate, or a loan officer is simply trying to pull a bait and switch, knowingly providing you with an estimate that looks appealing to get their foot in your door. This happens too much and is a major problem in the business.
