Loan Estimate

Once an application is in, the Loan Estimate is the standardized document that lays out the proposed rate, payment picture, and closing-cost estimates. It is not an informal worksheet. The useful household habit is comparison: keep the Loan Estimate and read it beside the Closing Disclosure near the end of the process. Figures can change; the pair of forms is how those changes become visible. This page describes the document and its place in the process. It does not tell creditors how to comply.

For many closed-end mortgages secured by real property or a cooperative unit, Regulation Z requires an early disclosure whose content appears on the Loan Estimate (12 CFR 1026.19(e) and 1026.37). The official form purpose is to save the estimate for comparison with the Closing Disclosure. Delivery deadlines, waiting periods, tolerance categories, and broker-versus-creditor duties are omitted.

The form is a standardized place to see estimated cash to close and loan terms before the file hardens. The site needs a clean name for that document.

After applying, Morgan receives a Loan Estimate showing an estimated interest rate, monthly principal-and-interest, and estimated closing costs. Later, Morgan lines that form up next to the Closing Disclosure to see what moved. This example states no legal deadline.

• Annual Percentage Rate
• Closing Disclosure
• Interest rate

• Closing Disclosure

NONE REQUIRED