Loan Estimate
A Loan Estimate (LE) is a standardized three-page disclosure lenders must provide within three business days of application.
What Loan Estimate means
It lays out the loan amount, rate, projected payment, and itemized closing costs in a fixed format, so borrowers can compare offers directly. It replaced the Good Faith Estimate in 2015.
Florida example
A Florida buyer collects Loan Estimates from three lenders and compares the same lines on each. One lender's lower rate but higher fees becomes obvious once the LEs are placed side by side.
What it shows
A loan estimate is a standard three-page form you get within three days of applying. It lays out your rate, monthly payment, and closing costs.
Every lender uses the same format, so you can compare offers side by side.
How to use it
Read the loan estimate closely and compare it against other lenders. It is your best tool for spotting a fair deal.
We walk you through every line of your estimate. Apply now and we will make sure you understand each cost.
Related program: Learn more →
Verify the details for your own situation against these government and agency sources: CFPB Owning a Home guide and HUD homebuyer resources.