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The "Good Faith Estimate" is the most important document you'll receive when applying for a mortgage.

It summarizes all of the key terms, from interest rates to closing costs, and lenders must provide one within three days of receiving your application.

The federal government is also requiring lenders to use a 3-page standardized GFE form that's much easier to use than the ones banks and mortgage companies created.

If the terms aren't what you expected, if the fees are surprisingly high or if you can't locate the information you need, take those issues to your loan officer or mortgage broker.

Now's the time to get things right and avoid any nasty -- and expensive -- surprises.

To make sure you know what you're getting into, find the answers to these 8 critical questions every borrower should ask.

Question 1. How much am I borrowing?

Find the section called "Summary of your loan" on the first page of the form. The very first box is titled "Your initial loan amount is."

It should be what you expected. If it's more than the purchase price of your home (or the outstanding balance on your current mortgage in a refinancing), the lender has probably rolled some of your closing costs into the amount you're borrowing.

That's OK, if you don't have enough cash to pay for all of your fees. But you need to know exactly what charges are being added to your balance.

Question 2. What's my interest rate?

You'll find this in the next box under the "Summary of loan" section, which says, "Your initial interest rate is."

This should be the rate your broker or loan officer has discussed with you.

Question 3. What's my monthly payment?

Check the next box down.

This should be the amount you've been promised, and covers principal and interest payments, as well as the monthly premium for mortgage insurance if you're putting less than 20% down and are required to carry that coverage.

It does not include the taxes and homeowners insurance if you're required to make payments to an escrow account

Question 4. Is this a fixed-rate or adjustable-rate loan?

An astonishing number of home buyers who took out adjustable-rate loans in the early 2000s thought they were getting fixed-rate loans. They were shocked when their payments began to rise -- often beyond what they could afford.

If the box called "Can your interest rate rise?" is checked "No," then you have a fixed-rate loan.

If it's checked "Yes," then you have an adjustable-rate loan. It will tell you the maximum interest rate you could pay and when the first rate change could occur.

Question 5. Does the loan require an escrow account?

Some lenders collect your property taxes and homeowners insurance premiums in advance, and then make those payments on your behalf.

If the box that says "Yes" is checked in the section of the form called "Escrow account information," you'll have those costs added to your monthly payment, and you should find an estimate here of how much that will be.

If the "Yes" box is checked, and there's no estimate of how much you'll have to put into your escrow account each month, ask you broker or loan officer.

Question 6. What's the cost for taking out this loan?

Lenders and mortgage brokers charge "origination fees" for processing your mortgage.

Check the box that says "Our origination charge" at the top of the second page of the standardized GFE.

These fees typically run between 0.5% and 2% of the loan amount ($1,000 to $4,000 on a $200,000 loan). The best deals charge a fixed fee of $1,000 or less, regardless of the loan amount.

Question 7. Am I being charged points?

Discount points are interest you prepay at closing in exchange for a lower interest rate. That's why paying points is sometimes called "buying down the rate."

One discount point (1% of the loan amount) typically decreases the interest rate by 0.25% on a 30-year mortgage.

If your broker or loan officer never mentioned points when quoting your rate, there shouldn't be any points on the GFE.

Right below the origination fee is a box that says, "Your credit or charge (points) for the specific interest rate chosen."

If you aren't paying points, the first box will be checked.

If you are being charged points, the third box will be checked and the amount you're being charged filled in.

Question 8. How much am I paying for an appraisal?

You'll find the answer on the second page, in the box that says, "Required services that we select."

This is important because you'll have to pay for the appraisal before it's performed -- and before you know whether or not you'll be approved for the loan.

Although new regulations intended to ensure a realistic value is placed on your home has made appraisals more costly, it still shouldn't cost more than $300 to $600.

By Bonnie Biafore

Interest.com Contributing Editor

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.