Read your Loan Estimate box by box
Two estimates, side by side
What it means
First make sure both estimates describe the same loan amount, term, product and lock period. Then compare section A, the lender's own charge; section J, total closing costs after credits; and the In 5 Years figure on page three. Differences in sections C, F and G often reflect assumptions rather than real differences between lenders.
Last reviewed against the primary sources listed below.
Order of comparison
- Match the header: amount, term, product, lock.
- Compare Loan Terms for anything marked yes.
- Compare section A.
- Compare section J and the lender credits.
- Compare In 5 Years and the Total Interest Percentage.
Common false differences
- One lender estimated a higher insurance premium in section F.
- One included owner's title insurance in H, the other did not.
- Different assumed closing dates change prepaid interest.
Questions people have with the form in hand
Which number on the Loan Estimate is best for comparing lenders?
Section A shows the lender's own charges and is the cleanest comparison. The In 5 Years figure on page three summarises cost over the early years.
Do I have to choose the lender who gave me the first estimate?
No. You are free to choose any lender after receiving estimates.