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Mortgage

Loan Estimate

Definition

A three-page federal form disclosing estimated loan terms and closing costs within three business days of application.

Example

Comparing Loan Estimates from three lenders revealed a $4,800 difference in total lender fees.

Frequently asked questions

What does Loan Estimate mean in real estate?

A three-page federal form disclosing estimated loan terms and closing costs within three business days of application.

How is Loan Estimate used in practice?

Comparing Loan Estimates from three lenders revealed a $4,800 difference in total lender fees.

This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.