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The final page of the loan estimate lists more important details of your mortgage agreement, like the names of the lender and the loan officer, plus three key figures you can use for comparison ...
The Loan Estimate replaces the Good Faith Estimate, or GFE, that was used prior to 2015. Lenders are required to issue Loan Estimates within three days of receiving a complete loan application, per the TILA-RESPA Integrated Disclosure Rule (TRID).
A Good Faith Estimate of settlement costs is a three-page document that shows estimates for the costs that the borrower will likely incur at settlement and related loan information. It is designed to allow borrowers to shop for a mortgage loan by comparing settlement costs and loan terms. These costs include, but are not limited to:
A loan estimate is a standardized form listing the key terms of a mortgage provided to you after you apply for a loan, like your loan amount, interest rate and estimated monthly costs.
Loan information: This section should match your loan estimate. Loan amount: Note that the loan amount can change, for example, if your closing costs were rolled in.
A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.