How much does it cost to receive a Loan Estimate?

Short answer

Before a , the only fee a lender can require is a reasonable charge for a credit report, which the CFPB has described as typically less than $30. Other fees, and taking a card or check for those fees, have to wait until you say you want that application to proceed.

Full explanation

A lender cannot collect origination or other application charges just to issue a Loan Estimate. The CFPB says the only amount it can ask for first is a reasonable credit-report fee, which it has described as typically under $30. That typical amount can change. Until you indicate you want to proceed, the lender also cannot take a credit-card number or a check for anything other than that report fee.

After you receive the estimate, you decide whether to continue with that lender and that loan. If you say you want to proceed, the lender can then charge additional amounts, such as an application or appraisal fee.

Some products do not use a Loan Estimate or Closing Disclosure: reverse mortgages, home equity lines of credit (HELOCs), manufactured-home or mobile-home loans not secured by real estate, and certain homebuyer-assistance subordinate loans. Those generally use Truth-in-Lending disclosures instead.

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