When you’re getting a mortgage, your lender may send you a Cost Worksheet early in the process — and later, a notice about a Change of Circumstance during your loan.
At first glance, both seem related to loan costs and updates — but they serve different purposes at different stages of your mortgage journey.
A Cost Worksheet is an early, unofficial estimate of your potential loan fees and cash-to-close. A Change of Circumstance (CoC) is a formal, compliance-regulated event that allows your lender to update your Loan Estimate or Closing Disclosure when something in your file materially changes.
Understanding how they differ helps you know what’s just an estimate — and what’s an official, legally required change to your loan.
Key Takeaways
Cost Worksheet:
An itemized, lender-generated estimate of your projected loan costs — helpful for early comparison, but not binding.
Change of Circumstance (CoC):
A formal, regulated event that justifies a lender’s reissue of your Loan Estimate or Closing Disclosure when verified changes occur.
Biggest Difference:
Cost Worksheet = estimate.
Change of Circumstance = verified update.
💡 Pro Tip: Anytime your lender reissues a Loan Estimate, ask what triggered the Change of Circumstance — then upload the Loan Estimate to Fincast to ensure your updated deal remains competitive (no credit pulls, no spam).
What Is a Cost Worksheet?
A Cost Worksheet (also called a “Loan Cost Estimate,” “Itemized Fee Worksheet,” or other lender-specific name) is an early estimate your lender provides to outline your expected fees, costs, and total cash-to-close.
It’s not standardized or federally required, but it’s often your first detailed look at what your loan might cost — helping you compare lenders before you apply.
A Cost Worksheet typically includes:
Loan amount, interest rate, and term assumptions
Estimated monthly payment
Lender fees (origination, processing, underwriting)
Third-party fees (title, appraisal, escrow)
Prepaid items (taxes, insurance, interest)
Estimated total cash to close
👉 Think of a Cost Worksheet as your early cost snapshot — an unofficial preview to guide your lender comparisons.
What Is a Change of Circumstance?
A Change of Circumstance (CoC) is a formal, compliance-based event under federal TRID rules. It allows your lender to reissue or revise your Loan Estimate (LE) or Closing Disclosure (CD) when something about your loan, borrower info, or property changes in a way that affects your costs.
Lenders can’t just update fees at will — they need a legitimate Change of Circumstance to justify the change, and they must document the CoC within three business days of discovering the change.
Common examples include:
A change in loan amount, product, or interest rate
A new or updated property appraisal
Adjustments to borrower income, credit, or assets
A rate lock or lock extension
Revised title, escrow, or third-party fees
👉 Think of a Change of Circumstance as your loan’s official update — it ensures every cost adjustment is documented, justified, and compliant.
Cost Worksheet vs Change of Circumstance: Side-by-Side
Feature | Cost Worksheet | Change of Circumstance |
When You Get It | Early on during initial discussions with a lender and before applying | During processing, after verified changes occur |
Purpose | Estimate potential loan fees and costs | Justify updated Loan Estimate or Closing Disclosure |
Verification | Based on estimated borrower info | Based on confirmed material loan or property changes |
Format | Lender-generated estimate | Formal, documented justification for updating your disclosures |
Regulation | Not federally required | Federally regulated under TRID |
Binding? | No | Yes — triggers new legal disclosures |
Best For | Comparing early loan costs | Confirming legitimate loan updates |
How Should I Use Both When Buying a Home?
Each serves a specific role — one before you apply, and the other while your loan is in progress.
Step 1: Request Cost Worksheets
Early in the process, ask multiple lenders for Cost Worksheets to compare their estimated rates and fees.
Step 2: Choose Your Lender and Apply
Once you’ve found a lender you like, apply and receive your official Loan Estimate within three business days.
Step 3: Watch for Change of Circumstance Notices
If your lender reissues your Loan Estimate, ask what triggered it. Each cost change should have a corresponding CoC notice.
Step 4: Review Updates Carefully
Compare your original Loan Estimate to the new one — verify what changed, why, and whether it’s justified.
Step 5: Upload to Fincast
Upload your revised Loan Estimate to Fincast. The platform benchmarks your deal against vetted lenders, ensuring your updated offer remains competitive.
Why Both Matter
Your Cost Worksheet helps you understand what your loan might cost.
Your Change of Circumstance ensures your lender’s updates are legitimate and compliant.
Together, they help you move from early estimates to verified, transparent numbers you can trust.
Compare Real Offers Effortlessly Using Fincast
Before accepting any updated Loan Estimate, take a moment to verify your deal.
Upload your Loan Estimate to Fincast — the platform benchmarks your offer across vetted lenders, revealing whether your new numbers are still fair and competitive.
✅ No multiple applications
✅ No extra credit pulls
✅ No spam
You’ll see exactly how your deal stacks up — before you move forward.
FAQs
1. Is a Cost Worksheet the same as a Change of Circumstance?
No. A Cost Worksheet is an estimate of potential costs; a Change of Circumstance is a formal event that justifies updates to your official disclosures.
2. What triggers a Change of Circumstance?
Any verified change to your loan details, borrower profile, or third-party costs that materially affects your pricing.
3. Can my lender change fees without a CoC?
No — TRID regulations require a valid Change of Circumstance to adjust disclosed costs.
4. Do I receive documentation for a CoC?
Yes. Your lender must document the reason for the change and issue an updated Loan Estimate or Closing Disclosure.
5. How does Fincast help?
Fincast benchmarks your updated Loan Estimate against vetted lenders — confirming your new terms and fees are fair, transparent, and compliant.
Bottom Line
Cost Worksheet = early estimate.
Change of Circumstance = verified update.
One helps you start the conversation; the other keeps your loan compliant and accurate as you move toward closing.
With Fincast, you can confirm that every cost — and every change — still works in your favor.
Pro Tips (Save These!)
✅ Request Cost Worksheets early for comparison.
✅ Review all Change of Circumstance notices carefully.
✅ Always compare your old and new Loan Estimates line by line.
✅ Keep copies of every disclosure version.
✅ Upload your updated Loan Estimate to Fincast to confirm your deal’s competitiveness.
Action Checklist
☑️ Request Cost Worksheets from multiple lenders
☑️ Apply for your mortgage and receive your Loan Estimate
☑️ Watch for Change of Circumstance notices
☑️ Compare revised Loan Estimates to your originals
☑️ Upload your latest Loan Estimate to Fincast for instant benchmarking
👉 Ready to verify your updated deal?
Upload your Loan Estimate to Fincast and confirm your new terms — and your costs — are still your best ones yet.
This article is for educational purposes only; it is not legal, tax, or financial advice.
Disclaimer: Nothing in this content should be considered financial advice. The examples and data shared are for general information only and may not reflect your personal situation. We do not guarantee the accuracy or completeness of the information provided. Always do your own research and speak with a qualified financial advisor before making any financial decisions.
Ready to Save On Your New Mortgage?
