Loan Estimate vs. Closing Disclosure
A Loan Estimate (LE) is a standardized document provided within three business days of a completed loan application. It outlines the estimated interest rate, monthly payment, and closing costs so borrowers can review and compare loan options early in the process.
A Closing Disclosure (CD) is issued at least three business days before closing and provides the final, confirmed loan terms and exact closing costs. Borrowers should review the CD carefully to ensure it matches expectations before signing. The Loan Estimate is an early projection; the Closing Disclosure reflects the final numbers after underwriting and conditions are complete.
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