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DictionaryThe buying process
The Loan Estimate is a three-page form you receive from the lender within days of applying for a mortgage. In the same format at every bank, it sums up the terms of the loan being offered: amount, interest rate, whether the payment can change, the estimated monthly payment with taxes and insurance, the itemized closing costs and how much cash you need at closing.
In Spanish it is
Estimación de Préstamo
Also written as: LE
Because every lender uses the same form, it lets you compare offers side by side. It commits you to nothing: requesting one is not accepting the loan.
Hugo requested a Loan Estimate from three banks on the same day. He laid the three forms side by side and compared the rate, the APR and the lender-costs section.
You will rarely see this word alone. These are the ones that show up with it on the same papers.
A HUD-approved housing counselor can walk you through it. Agencies usually charge little or nothing, many work in Spanish, and they do not sell you anything.
We sum up what these official sources say, in plain words. We add no rules they do not state; when a rule changes, the definition and its date change.
