What is the Loan Estimate?
The Loan Estimate (LE) is an official, standardized document that outlines your loan’s terms, estimated monthly payments, and closing costs. It takes the numbers you’ve already seen on a loan summary and puts them into an official format — it’s just your loan summary all dressed up for the big dance in a cute little tuxedo.
A Loan Estimate is a snapshot of your loan terms at a moment in time. If we lock your rate after the Loan Estimate is created, we’ll send an updated LE that shows the lock and any other changes.
We’ll ask you to sign every LE we prepare to acknowledge receipt. When you sign a Loan Estimate that’s “in the past,” you’re helping us keep a legally required paper trail of the state of your loan every step of the way.
In addition to our glossary, we have a library of downloadable PDFs that cover the truth-in-lending statement, the good faith estimate, and all the mortgage fundamentals.
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