What is a loan estimate?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A Loan Estimate is a standardized three-page form lenders must give you within three business days of applying. It lays out your rate, monthly payment, closing costs, and key loan terms so you can compare offers.
Because every lender uses the same format, you can put two Loan Estimates side by side and compare apples to apples. We walk you through ours line by line so there are no surprises at closing.
A clear cost snapshot
A loan estimate is a three-page form you get within three business days of applying. It lists your rate, monthly payment, closing costs, and cash to close. Every lender uses the same format, so you can compare offers side by side.
The form is built to be easy to read. Page one shows the loan terms and payment. Page two breaks down the fees. Page three covers extra details.
How to use it
Use the loan estimate to shop lenders honestly. Because the layout is identical everywhere, you can spot who charges more without decoding jargon.
Got estimates from a few lenders? Send them to us. We will read them line by line and show you the true cost of each. Reach out and we will compare them for free.