Lenders are required to provide you with a Loan Estimate once you have provided:
- your name,
- your income,
- your Social Security number (so the lender can pull a credit report),
- the property address,
- an estimate of the value of the property, and
- the desired loan amount.
Lenders cannot require you to provide additional information. For example, you do not have to provide a home purchase agreement or documents verifying your income in order to get a Loan Estimate.
However, it’s often a good idea to share more information if you have it. The more your lender knows about your situation, the more accurate your Loan Estimate will be. You may want to share details about your finances, the property, and kind of loan you are interested in.
See a sample Loan Estimate form with interactive tips and definitions.
Once you’ve submitted the request, each lender is required to send you a Loan Estimate within three business days. Allow a few extra days for mail delivery if the lender is using postal mail. If you haven’t received a Loan Estimate within that timeframe, call the lender and ask why.
When you receive a Loan Estimate, the lender has not yet approved or denied your loan application. Receiving the Loan Estimate shows you what loan terms the lender expects to offer if you decide to move forward.
Note: You will not receive a Loan Estimate or Closing Disclosure if you are shopping for:
- A reverse mortgage
- A home equity line of credit (HELOC)
- A manufactured housing or mobile home loan not secured by real estate
- A subordinate loan through certain types of homebuyer assistance programs
For these kinds of loans, you should receive Truth-in-Lending disclosures. If you are shopping for a reverse mortgage, you will also receive a Good Faith Estimate (GFE) and a HUD-1 Settlement Statement.
