There is a federal law which requires mortgage lenders to give prospective
buyers an itemized, "good-faith" estimate of their closing costs.
Sometimes buyers arrive at the closing with this document firmly clutched
against their chests, and proceed to question each item on the form that does
not match perfectly.
These "good-faith" estimates are just that--estimates. The lender's
charges will be fairly accurate, but the charges for attorneys, termite
inspections, title insurance, and other items that appear on the closing sheet
may be a little bit different. Some pro-rated items, such as taxes or
homeowner's association fees, will also be different if you don't close on the
date that was used to calculate the estimate. The purpose of the disclosure law
is to give you a ball park figure of your closing costs. But the estimate you
are given won't be to the penny--probably not even to the dollar!