The Loan Estimate
After you apply, the lender must deliver or mail it no later than the third business day after receiving the application. All lenders use the same standard form, which makes offers easier to put side by side. It is not an approval or a denial.
Estimate your own closing costs →
The Closing Disclosure
It gives the final loan terms, projected payments and closing costs. The creditor must make sure you receive it no later than three business days before consummation, leaving time to compare and ask questions.
Zero tolerance
Fees paid to the lender, the broker or an affiliate of either for a required service, fees for required services you couldn't shop for from an unaffiliated provider, and transfer taxes cannot increase, unless circumstances change.
The 10 percent group
Recording fees and required third-party services from the lender's written list are tested together: the sum of the charges may not exceed the sum disclosed by more than 10 percent, even if one item rises by more than that on its own.
No limit
Prepaid interest, property insurance premiums, initial escrow deposits, services you shopped for off the lender's list and services the lender doesn't require can change by any amount.
Changed circumstances
Choosing a different kind of loan or down payment, an appraisal that came in higher or lower, a change in your credit, or income the lender couldn't document can let the lender revise costs. You will likely receive a revised Loan Estimate.
Above the limits
If costs rose beyond the allowed limits without a change in circumstances, you are entitled to a refund of the excess. Enter the two forms' figures in the comparison to see each group's change.