property taxes and insurance, and how the interest rate and payments may change in the future. It explains which charges can change before settlement (closing) and which charges must remain the same. All lenders are required to use the same standard LE. The form uses clear language and is designed to help you better understand the terms of the loan. This makes it easier for you to compare loan features and costs.
Check These Item on Your Loan Estimate (LE) f e (LE) for Accuracy
• The spelling of your name. • The loan term, purpose, product, and loan type. • That the loan amount is what you are expecting. • Your monthly principal and interest. • Are there additional charges included in your payment? • Does your Estimated Total Monthly Payment match your expectations? • That your estimated taxes and insurance, are or are not in escrow? • What are your estimated closing costs? • Do you have enough cash on hand to make your down payment and other estimated closing costs? When you receive a LE, the lender has not yet approved or denied your loan application. The LE shows you the loan terms the lender expects to offer to you. When you move forward, the lender will ask you for additional documentation.
PROCESSING: INTENT T G: INTENT TO PROCEED
When you are done shopping around and have decided which lender that you would like to work with, you retrieve the Loan
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