Get a Free Second Opinion on Your Loan Estimate

Page 1 summarizes loan terms, projected payments, and costs at closing. Check the loan amount, loan type, term, and whether the interest rate can change. Look at the projected payment components rather than assuming every charge is included in the principal-and-interest amount.

Page 2 breaks down closing costs. Section A lists origination charges, including lender fees and discount points. Sections B and C identify services you cannot and can shop for. Prepaids and initial escrow deposits are different from lender fees: they cover items such as insurance, taxes, and prepaid interest.

Page 3 provides comparisons, including APR and Total Interest Percentage (TIP). APR reflects the rate plus certain financing costs; TIP shows total interest over the scheduled loan term as a percentage of the loan amount. Neither replaces a review of the actual fees or your expected time in the home.

Loan Estimates are standardized by federal rules known as TRID, making it easier to compare offers side by side. Start with the same loan type, term, loan amount, and down payment. Compare estimates issued close together, since market conditions can change.

Compare interest rate versus APR, then discount points and Section A lender fees. A lower rate with extra upfront points is not automatically the right choice. Ask how long you expect to keep the loan and whether the upfront cost makes sense for that time.

Check the rate-lock period and expiration, and whether the quoted rate is actually locked. Finally, compare estimated cash to close, including lender credits. Different tax, insurance, or escrow assumptions can change that total without indicating a cheaper loan. Ask each lender to explain differences before deciding.

Ask for an explanation of high origination, underwriting, or processing fees; points you didn't request; a short rate lock; or a rate that applies only with extra points. These items are reasons to ask questions, not proof that an offer is wrong. Request a version without points if you want to see the tradeoff clearly.

Multiple mortgage credit inquiries within a short shopping window are generally treated as a single inquiry for scoring purposes. Aim to complete comparisons within 30 days, but scoring-model windows vary and some are shorter, so 30 days is not a universal safe window. Ask your loan officer about the model being used. Uploading an existing Loan Estimate for this review does not require a credit pull.