Closing Costs
What is the difference between a Loan Estimate and a Closing Disclosure?
Context
Borrowers sometimes confuse the two federally required disclosure forms they receive during the loan process.
The short answer
The Loan Estimate (LE) comes early, after you apply, and shows projected rate, costs, and cash to close. The Closing Disclosure (CD) comes at least three business days before closing and shows the final numbers.
Things to keep in mind
Certain fees are legally limited in how much they can increase between the LE and the CD.
Next step
Compare the CD against your LE, and ask DMF about any changes you do not understand.
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.