Within 3 business days after completing the loan application, the lender must provide you with a "Good Faith Estimate" of the anticipated closing costs. Within the same 3 days, you will receive the federally required ‘Truth-In-Lending Disclosure’ statement showing the monthly payment.

The total cost of the loan is stated as an Annual Percentage Rate (APR). The APR represents the closing costs as a percentage rate through a very complex formula that very few understand. Pay attention to the costs and the rate that you are quoted or locked into.