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Mortgage glossary
Loan Estimate (LE)
A three-page form used for most covered mortgages. It shows estimated loan terms, projected payments, and closing costs. It is generally provided within three business days after the lender receives the six pieces of information that make up an application. It is not an approval or commitment to lend.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.