Loan Estimate
/ˈloʊn ˌɛstɪmət/
Definitions
- (n.) A standardized disclosure form provided by a lender outlining the estimated costs, terms, and fees associated with a mortgage loan application.
The borrower received the Loan Estimate within three business days of submitting the mortgage application.
Forms
- loan estimate
- loan estimates
Related terms
See also
Commentary
The Loan Estimate is required under the Truth in Lending Act and the Real Estate Settlement Procedures Act to promote transparency and borrower understanding of mortgage costs.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.