Most loan officers will do their level best to make sure that the good faith estimate they provide will be accurate. Some will even guarantee the amount. If the amount increases from what they quote, then they will eat the cost out of their own paycheck.

Always read everything you are handed with a fine tooth comb. Even mortgage professionals can make mistakes. Never be shy and always speak up if you are feeling uncomfortable about something. Remember, this is your loan.

Many mortgage consumers make the mistake of thinking the estimate is set in stone. There are simply too many numbers that will be juggled around throughout the loan process to know for certain what your costs will be. Most often the exact amount isn’t known until days or even hours before closing.

If the parameters of your loan change during processing, ask your mortgage professional for a revised good faith estimate reflecting the changes. While they are obligated to do so anyway, this requirement may be overlooked.

The good faith estimate is just that, and estimate. The mortgage professional may need to increase your loan amount to cover certain costs associated with your loan. Your current payoff could come in higher than expected, and this will certainly change the GFE. It is not set in stone, until you sign the final HUD settlement statement at the closing table. Although it is not set in stone, it should not vary drastically from the original that you signed, and you should keep that in mind at the closing table.