Loan Estimate document

A Loan Estimate is a document provided by a lender after you apply for a mortgage. It outlines the key terms of the loan, including the interest rate, monthly payments, closing costs, and other fees. Its purpose is to help you understand and compare your loan options so you can make informed decisions. The form also highlights projected costs and possible changes, ensuring transparency. By reviewing the Loan Estimate, you can gauge the affordability of the loan and identify any surprises before committing to the mortgage.