What is a Loan Estimate?

This 3-page form provides you with important information, including the estimated interest rate, monthly payment, and closing costs of your loan. It’s a standard form that all lenders are required by law to provide you within three business days of submitting your application.

A Loan Estimate is important for comparing pricing across lenders, and because this document commits a lender to certain fee tolerances it reduces the risk of a bait-and-switch offer.