What is a Loan Estimate?

A Loan Estimate is a three page form that you receive after you are approved for a home mortgage. The loan estimate includes important information, including the interest rate, the monthly payment and closing costs. It also includes estimated costs such as homeowners insurance and property taxes. The form has clear language to help you better understand the terms of the loan that you applied for. All lenders are required to use the same standard loan estimate form. Once you are presented the loan estimate you have the decision to move forward with the terms of the loan that the lender is offering you.

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