What this video covers
The Loan Estimate (LE) is a federally standardized form every lender has to give you within three days of applying for a mortgage. It’s the most important early document — but it’s three pages long and almost nobody reads it correctly.
In 60 seconds, here are the four things to look at first:
- Page 1, top right — Loan amount, rate, monthly payment. Make sure these match what you discussed.
- Page 1, “Projected Payments” — What will the payment actually be over time? Watch for ARM resets and PMI drop-off dates.
- Page 2, “Origination Charges” — These are the lender’s fees. Compare them across lenders.
- Page 3, “Comparisons” — APR (which includes the cost of fees) is more useful than the headline rate when comparing lenders.
If anything on the LE doesn’t match what you were told verbally, ask before you go further. The LE is the legal document. The verbal quote isn’t.
Want me to walk through yours?
Send the LE my way and I’ll read it back to you in plain English in 10 minutes. Free, no obligation.