Loan estimate
A standardized three-page disclosure a lender must send within three business days of your application, laying out the rate, monthly payment, closing costs and terms.
What does loan estimate mean?
The Loan Estimate is the document that lets you comparison-shop mortgages on equal footing. By law the lender must provide it within three business days of your application, in a standard format showing the interest rate, projected payment, estimated closing costs and key features. Get one from several lenders and compare them line by line — it is the single most useful tool for finding the cheapest loan.
Frequently asked
What is a Loan Estimate?
A standardized three-page disclosure a lender must send within three business days of your application, showing the rate, projected payment, closing costs and key terms.
Getting one from several lenders and comparing line by line is the best way to find the cheapest loan.
Put it to use
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