What's a loan estimate?
A loan estimate is a three-page document that helps you see the most important details about a mortgage lender's offer. It outlines the most important details of your loan, including the loan amount, interest rate, monthly payment and closing costs.
Every loan estimate you get, regardless of the lender, will look the same. This is required by law and makes it much easier to compare multiple offers side by side. You'll get your loan estimate within three days of your application. The estimate is valid and binding for 10 days after you receive it. While a loan estimate is not a commitment to fund your loan and doesn't guarantee your rate or other factors, it does show what the lender expects to offer you if you decide to proceed.