Southwest DC Real Estate
Eddie Rangel & Steven Dean

Understanding the Loan Estimate

In the past when purchasing real estate, the Buyer would receive a Good Faith Estimate. Later at settlement, the Buyer would receive a Truth-in-Lending disclosure.

Beginning October 2015, those documents are replaced with the Loan Estimate. The Loan Estimate details the terms of your loans along with estimated closing costs. Buyers must receive the Loan Estimate within three days after they apply for a mortgage.

A sample Loan Estimate form is available on the CFPB website.