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
7business days
Must be delivered or mailed before closing by at least
12 CFR 1026.19(e)(1)(iii) · Oct 28, 2026
10business days
Revisable if you take longer than this to say you’ll proceed
12 CFR 1026.19(e)(3)(iv)(E) · Oct 28, 2026
Which costs can change
| 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.
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. The Loan Estimate and Closing Disclosure guide walks through each page, and the closing cost calculator helps check the totals.
Related terms
- Closing costs and APR
Sources
- CFPB — Lender must send the Loan Estimate within this many business days of your application (Oct 28, 2026)
- CFPB — Cumulative limit on increases for recording fees and lender-listed services (Sep 11, 2024)
- 12 CFR 1026.19(e)(3)(iv)(E) — 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)
Last reviewed Figures are checked against the sources above. Read our editorial policy. This page is general information, not financial advice — see the disclaimer.