Loan Estimate (LE) / Good Faith Estimate (GFE)

A Loan Estimate (LE) is a federally mandated three-page disclosure delivered to borrowers within three business days of submitting a complete mortgage application. It outlines projected loan terms, initial interest rates, estimated monthly principal and interest, escrow requirements, and itemized settlement charges. The LE allows prospective borrowers to compare pricing and fees across different lenders using uniform federal tolerance standards.