Closing Costs
How do I read a Loan Estimate?
Context
The Loan Estimate is the first detailed cost document most borrowers ever see, and it can look intimidating.
The short answer
A Loan Estimate is the standardized three-page form showing your rate, monthly payment, closing costs, and cash to close. Page 1 summarizes the loan and rate, page 2 itemizes costs (including what you can shop), and page 3 shows comparisons and the APR.
Things to keep in mind
The format is standardized, but the numbers themselves reflect your specific lender and loan.
Next step
Compare Loan Estimates from different options side by side, not just the headline rate, and ask us to help you read yours.
Have a question about your own situation?
Davis Monroe Financial LLC serves Minnesota homebuyers and homeowners. You complete one application. We compare the wholesale lenders on our panel and submit your file to the one that fits it best, and each one offers, so your pricing is not limited to one lender's rate sheet.
Davis Monroe Financial LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.