Loan Estimate
A standard three-page form a lender must give you within three business days of a mortgage application, showing the rate, payment and closing costs.
Every lender uses the same Loan Estimate form, so you can compare offers line by line. It shows the estimated interest rate, monthly payment, closing costs and features like a prepayment penalty or an adjustable rate.
It is not an approval. It shows the terms the lender expects to offer if you move forward.
Example
Get Loan Estimates from three lenders on the same day and compare the origination charges on page 2.