What is a “Loan Estimate”? Can I rely on it?

Updated March 13, 2023.

A “Loan Estimate” is the statement provided by a lender to a borrower which estimates the various costs and expenses the borrower is likely to incur in buying a house. Although this statement can assist a buyer in determining his/her potential costs, it is only an estimate as to many of the costs recited and may not reflect all the costs you may actually incur. Therefore, it should not be relied upon as a complete or accurate statement of your costs. However, the Loan Estimate is a useful tool in determining, with a high degree of accuracy, the fees to be charged to you by your lender.

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