loan estimate
Lending cost projection
A loan estimate is a standardized document that lenders must provide to mortgage applicants, detailing projected costs including interest rate, monthly payments, and closing fees.
The form allows borrowers to compare offers from different lenders on equal terms: Get loan estimates from at least three lenders before deciding.
Required by U.S. federal law within three business days of application.
- mortgageSecured home loan
- real estateLand and its structures
- closingFinal stage of something
- closing dayLast operating day
- APRYearly borrowing cost
interest rate · lender · borrower · interest · fees · disclosure · paperwork · escrow · down payment · principal · amortization · preapproval · underwriting · shopping around · homebuying · refinance · terms · title