Loan Estimate

A Loan Estimate is a document that lenders provide to borrowers when they apply for a mortgage. It outlines key details about the loan, including the interest rate, monthly payment, and closing costs. The purpose of the Loan Estimate is to help borrowers understand the financial terms of the mortgage and compare offers from different lenders. It must be provided within three business days of applying, ensuring transparency in the borrowing process and allowing borrowers to make informed decisions about their financial commitments.