Loan Estimate (LE)
The Loan Estimate is a standardized disclosure document provided to a consumer early in the mortgage process that summarizes key terms, projected payments, and closing costs. Under the post-TRID mortgage disclosure framework, it is generally required to be delivered or placed in the mail within three business days after the creditor receives the consumer's application.
- Where it applies
- Federal
- When it comes up
- Origination (post-application); underwriting
- Property types
- Residential consumer mortgage transactions
In practice
Timing and fee-tolerance mechanics are operationally as important as the document itself; re-disclosure triggers are a common execution risk.
Related terms
Closing Process
- Closing (Settlement)
- Closing Disclosure (CD)
- Contract Deposit (Earnest Money) Escrow
- Escrow
- Escrow Agent
- Estoppel Certificate
- Holdback Escrow
- Mansion Tax (Additional NYS Transfer Tax)
- Mortgage Recording Tax (NYC)
- NYC Real Property Transfer Tax (RPTT)
General information, not legal, tax or financial advice.