The one document that matters
What a Loan Estimate is — and how to get yours today.
Every lender in America is legally required to send you one within three business days of your application. It is the only mortgage document that is identical across every lender, which is exactly what makes it comparable — and exactly why we built the auction around it.
Start here
Search your email
Search your inbox for Loan Estimate, LE, or your loan officer’s name. It’s almost always a PDF attachment. Most people already have one and never opened it.
If it's not there
Ask your lender
You are entitled to it, and asking costs you nothing. Copy the message below — it usually comes back the same day.
If you haven't applied yet
Get one first
Apply with any single lender — your bank, a local broker, whoever. Take their Loan Estimate and bring it here. One application is all you ever need to make.
Copy-paste this to your loan officer
Hi [Loan Officer name], Thanks for the numbers you sent over. Before I move forward, could you send me the official Loan Estimate (the three-page CFPB form) for this loan? I'd like to have it on file so I can compare the terms properly. Thanks, [Your name]
Careful — these are not Loan Estimates.
Lenders often send an unofficial document that looks close enough. These are not binding, not standardized, and not comparable between lenders. If what you have isn’t the three-page federal form, ask for the real one.
Fee Worksheet / Cost Worksheet
Lender's own layout. Nothing on it is binding.
Loan Summary or Fee Sheet
Marketing document. Fees routinely change later.
Pre-qualification letter
A guess based on what you told them. No fees at all.
Pre-approval letter
Confirms you can borrow. Says nothing about price.
Rate quote by email or phone
Expires instantly, and omits closing costs.
Closing Disclosure
The real thing — but it arrives three days before closing, far too late to shop.
How to know you have the real one
It is exactly three pages. The words “Loan Estimate” are printed at the top left of page 1. Page 3 contains a box labelled “Comparisons” with the figures “In 5 Years” and “Total Interest Percentage (TIP)”. If all three are true, you’re holding the document lenders will bid against.
Read it in two minutes
Every box, in plain English.
Below is what the form actually looks like, filled in with a typical $420,000 purchase. Tap any row to find out what it means and whether it’s where you’re losing money.
Loan Estimate
Loan Terms & Costs at Closing
Page 1 of 3
Green dot = a box that decides whether you’re overpaying. Tap any row.
Page 1, Loan Terms
Interest Rate
6.875%
What it is
The nominal annual rate used to calculate your monthly interest.
Why it decides your deal
The headline number — but on its own it's the easiest one to game. A lender can quote a low rate and bury the cost in points on page 2.
Read the fine print
Six things worth a second look.
A suspiciously low rate with heavy points
Check Box A on page 2. If the lender charged you thousands in discount points, you bought that rate with your own cash — it wasn’t a better deal, it was a prepayment.
A large lender credit
Credits feel like free money at closing. They’re paid back through a higher rate for as long as you keep the loan. Worth it if you’ll move in three years; expensive if you won’t.
An expired or missing rate lock
Page 1 states whether your rate is locked and until when. An unlocked rate is a quote, not an offer, and can move before closing.
Estimated taxes and insurance that look too low
Some lenders understate escrow to make the monthly payment look competitive. Check it against the actual property tax record.
Owner's title insurance marked optional but pre-selected
It sits in Box C — services you can shop for. Quoting it through a lender’s preferred provider is often several hundred dollars more.
An APR far above the interest rate
A gap of more than about 0.25 points between rate and APR usually means heavy lender fees baked in somewhere on page 2.
Got it in front of you? Let’s see if it holds up.
Upload it and licensed lenders will bid to beat it within 24 hours. Free, and your details stay hidden until you choose.