# Loan Estimate

> A Loan Estimate is the standard form a lender must send after you apply for a mortgage, showing the rate, payment and closing costs. Timing and tolerances.

URL: https://mortgage-math-us.com/glossary/loan-estimate/  
Last reviewed: 2026-10-29 · By the MortgageMath US Editorial team

## Quick answer

**A Loan Estimate** is the standardized three-page form a lender must give you within 3 business days of receiving your mortgage application, showing the estimated interest rate, monthly payment, closing costs and key loan features. It isn’t an approval, but because every lender uses the same form, you can compare offers line by line.

## Key facts

| Fact | Value | Source | As of |
|---|---|---|---|
| Lender must send it within | 3 business days | [CFPB](https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-estimate-en-1995/) | Oct 28, 2026 |
| Must be delivered or mailed before closing by at least | 7 business days | [12 CFR 1026.19(e)(1)(iii)](https://www.ecfr.gov/current/title-12/chapter-X/part-1026/subpart-C/section-1026.19) | Oct 28, 2026 |
| Cumulative limit on increases for the 10% category | 10% | [CFPB](https://www.consumerfinance.gov/ask-cfpb/can-my-final-mortgage-costs-increase-from-what-was-on-my-loan-estimate-en-172/) | Sep 11, 2024 |
| Revisable if you take longer than this to say you’ll proceed | 10 business days | [12 CFR 1026.19(e)(3)(iv)(E)](https://www.ecfr.gov/current/title-12/chapter-X/part-1026/subpart-C/section-1026.19) | Oct 28, 2026 |

## Which costs can change

*How much Loan Estimate costs can rise without a changed circumstance*

| Category | Examples | Limit |
|---|---|---|
| Can’t increase | Lender and broker fees, services you couldn’t shop for, transfer taxes | No increase |
| Can rise a little | Recording fees, services from the lender’s list | 10% in total |
| Can change freely | Prepaid interest, insurance premiums, escrow deposits, services you chose yourself | Any amount |

If the final figures exceed these limits without a valid changed circumstance, the lender must refund the difference. You’ll check that on the [Closing Disclosure](https://mortgage-math-us.com/glossary/closing-disclosure/).

## Timing rules

Apart from a credit report fee, a lender can’t charge you before you receive the estimate and say you want to go ahead. If you wait more than 10 business days to do that, the lender may issue a revised estimate. The Loan Estimate must be delivered or mailed at least 7 business days before closing. Ask for estimates from several lenders on the same day so rates are comparable, and note whether the rate is locked — see [rate lock](https://mortgage-math-us.com/glossary/rate-lock/). The [Loan Estimate and Closing Disclosure guide](https://mortgage-math-us.com/buying/loan-estimate/) walks through each page, and the [closing cost calculator](https://mortgage-math-us.com/tools/closing-cost-calculator/) helps check the totals.

## Related terms

- [Closing costs](https://mortgage-math-us.com/glossary/closing-costs/) and [APR](https://mortgage-math-us.com/glossary/apr/)

## Sources

- [CFPB](https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-estimate-en-1995/) — Lender must send the Loan Estimate within this many business days of your application (Oct 28, 2026)
- [CFPB](https://www.consumerfinance.gov/ask-cfpb/can-my-final-mortgage-costs-increase-from-what-was-on-my-loan-estimate-en-172/) — Cumulative limit on increases for recording fees and lender-listed services (Sep 11, 2024)
- [12 CFR 1026.19(e)(3)(iv)(E)](https://www.ecfr.gov/current/title-12/chapter-X/part-1026/subpart-C/section-1026.19) — Lender may revise the Loan Estimate if you indicate intent to proceed after more than this many business days; Loan Estimate must be delivered or mailed at least this many business days before closing (Oct 28, 2026)
- [CFPB: What is a Loan Estimate?](https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-estimate-en-1995/)
- [CFPB: Can my final mortgage costs increase from what was on my Loan Estimate?](https://www.consumerfinance.gov/ask-cfpb/can-my-final-mortgage-costs-increase-from-what-was-on-my-loan-estimate-en-172/)

_General information, not financial advice._