What does Loan Estimate (LE ) mean?

A Loan Estimate (LE) is a document provided to borrowers by a lender, detailing the terms and projected costs of a loan. It is also referred to as the Good Faith Estimate. The Loan Estimate outlines important information such as the loan amount, interest rate, projected monthly payments, and any fees associated with the loan. It's an important document for borrowers to review as it helps them to compare and understand the costs of different loans and helps them make an informed decision on which loan to choose.

Related Terms

Private Mortgage insurance Property Report Change Frequency Seller Carry-Back Rammed-Earth Construction Second Mortgage Earthquake Insurance Assessment Equity Book Value Brokerage Credit Card Discounts Historic Preservation Real Estate Investment Trusts (REITs) Investment Related Savings Servicer Aluminum-Clad Windows Binder