Loan Estimate (LE)
The Loan Estimate is a standardized three-page document that outlines your estimated interest rate, monthly payment, closing costs, and other key loan terms, provided within three business days of a completed mortgage application.
The Loan Estimate allows you to compare offers from different lenders on an apples-to-apples basis. It includes detailed breakdowns of lender charges, third-party fees, and estimated escrow payments.
A Loan Estimate is not a commitment to lend or a guarantee of terms. It is an early projection based on the information available at the time of application. Final terms are confirmed in the Closing Disclosure.
Why This Matters: The Loan Estimate is your first real look at the cost of your mortgage. Reviewing it carefully — and comparing it against other offers — puts you in control of one of the largest financial decisions you will make.
Want this applied to your situation?
Understanding a term is one thing. Knowing how it affects your loan, your rate, or your closing costs is another. Kara can walk you through exactly how this applies to your file — in plain language, in 30 minutes.
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