Lenders are legally required to provide you with a Loan Estimate once you have provided six pieces of information.
Lenders are required to provide you with a Loan Estimate once you have provided:
Lenders cannot require you to provide additional information. For example, you do not have to provide a home purchase agreement or documents verifying your income in order to get a Loan Estimate.
However, it’s often a good idea to share more information if you have it. The more your lender knows about your situation, the more accurate your Loan Estimate will be. You may want to share details about your finances, the property, and kind of loan you are interested in.
Before requesting a Loan Estimate, learn more about mortgage loan options and talk to several lenders to understand the choices available to you.
Once you’ve submitted the request, each lender is required to send you a Loan Estimate within three business days. Allow a few extra days for mail delivery if the lender is using postal mail. If you haven’t received a Loan Estimate within that timeframe, call the lender and ask why.
When you receive a Loan Estimate, the lender has not yet approved or denied your loan application. Receiving the Loan Estimate shows you what loan terms the lender expects to offer if you decide to move forward.
Note: You will not receive a Loan Estimate or Closing Disclosure if you are shopping for:
For these kinds of loans, you should receive Truth-in-Lending disclosures. If you are shopping for a reverse mortgage, you will also receive a Good Faith Estimate (GFE) and a HUD-1 Settlement Statement.