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 DMF to help you read yours.
Have a question about your own situation?
DMF serves Minnesota homebuyers and homeowners by shopping your purchase or refinance file across multiple wholesale lenders — not a single bank's product menu.
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.