Enter 5 numbers. You get a sample Loan Estimate filled in. Tap any line to see what it means and what to ask.
$
%
%
Estimated cash to close
$0
Monthly$0
APR0%
Closing costs$0
Your Loan Estimate dates
Application complete—
LE must be delivered or mailed by3rd business day after application—
Say "intent to proceed" bylender only has to honor the LE for 10 business days—
Earliest closing allowed7th business day after the LE is delivered—
Business days here: Monday–Friday, no federal holidays (assumes the lender's office is closed Saturday). The 7-day rule counts Saturdays. If the LE is mailed, count it as received 3 business days later.
6 things that make an "application"
Your name
Your income
Your Social Security number (to pull credit)
The property address
An estimate of the home's value
The loan amount you want
Once the lender has these 6, the 3-day clock starts. A lender can't make you send a purchase contract or pay stubs first just to give you a Loan Estimate.
A Loan Estimate is not an approval. At this point the lender has not approved or denied you. It only shows the terms you'd likely get if you move forward.
Before you say "intent to proceed": the only fee a lender may charge is a reasonable credit report fee. No application fee, no appraisal fee yet. Silence doesn't count as intent. You have to tell them.
This is our own drawing of the 3-page Loan Estimate, not the official CFPB form. Section names follow the rule (12 CFR 1026.37). Numbers are estimates for a Santa Clara County purchase. Your lender's LE is the real one.
Many people get this wrong: "APR is my interest rate." No. APR adds points and other loan fees on top of the rate, so it's usually higher. Use it only to compare loans. The LE itself says: "This is not your interest rate." (CFPB)