What's a Loan Estimate?

What's a Loan
Estimate?

The Loan Estimate is a three-page document that you receive within three business days of applying for a mortgage.  It is often found within the Initial Disclosures.

The Loan Estimate replaced the Good Faith Estimate on Oct. 3, 2015. 

This is your official offer, detailing interest rates, payments, costs, and fees for the loan. It's presented in clear language and design to help you better understand the terms of the proposed mortgage, and all lenders are required to use the same standard Loan Estimate form. This makes it easier for you to compare options so that you can choose the one that is right for you.

Fee sheets, phone quotes, and even rate tables (especially mortgage ads and fliers) mean nothing when compared to the Loan Estimate.  This is your most powerful bargaining chip and the fuel for your Fincast experience! 

You will need these six things to get your loan estimate from a lender:

  • Your full legal name

  • Your current income

  • Your Social Security number (so the lender can pull a credit report)

  • The property address

  • Estimated value of the property you are buying

  • The desired loan amount

The Loan Estimate is a three-page document that you receive within three business days of applying for a mortgage.  It is often found within the Initial Disclosures.

The Loan Estimate replaced the Good Faith Estimate on Oct. 3, 2015. 

This is your official offer, detailing interest rates, payments, costs, and fees for the loan. It's presented in clear language and design to help you better understand the terms of the proposed mortgage, and all lenders are required to use the same standard Loan Estimate form. This makes it easier for you to compare options so that you can choose the one that is right for you.

Fee sheets, phone quotes, and even rate tables (especially mortgage ads and fliers) mean nothing when compared to the Loan Estimate.  This is your most powerful bargaining chip and the fuel for your Fincast experience! 

You will need these six things to get your loan estimate from a lender:

  • Your full legal name

  • Your current income

  • Your Social Security number (so the lender can pull a credit report)

  • The property address

  • Estimated value of the property you are buying

  • The desired loan amount

Loan estimate anatomy guide: mortgage cost breakdown showing loan amount, interest rates, closing costs, and rate lock options for transparent mortgage comparison.
Loan estimate anatomy guide: mortgage cost breakdown showing loan amount, interest rates, closing costs, and rate lock options for transparent mortgage comparison.
Loan estimate anatomy guide: mortgage cost breakdown showing loan amount, interest rates, closing costs, and rate lock options for transparent mortgage comparison.
Loan estimate anatomy guide: mortgage cost breakdown showing loan amount, interest rates, closing costs, and rate lock options for transparent mortgage comparison.
Loan estimate anatomy guide: mortgage cost breakdown showing loan amount, interest rates, closing costs, and rate lock options for transparent mortgage comparison.

Loan Terms and Rate Locks

Loan estimate rate lock guide: Fincast mortgage platform explaining interest rate locks, loan terms, and closing costs for better mortgage deals.
Loan estimate rate lock guide: Fincast mortgage platform explaining interest rate locks, loan terms, and closing costs for better mortgage deals.

The first page summarizes the main terms, rates, and fees.  So, you'll want to verify that the information on the Loan Estimate is as accurate as possible. 

Regarding the Rate Lock (in the upper right box), mortgage interest rates can change daily, sometimes hourly. If your interest rate is locked, your rate won’t change between when you get the rate lock and closing, as long as you close within the specified time frame and there are no changes to your application. Rate locks are typically available for 30, 45, or 60 days, and sometimes longer. If your rate is not locked, it can change at any time. Some lenders may charge you a fee to extend your rate lock.

Fincast will analyze most variables on Page 1, including the value, term, product, loan amount, interest rate, closing costs, and cash to close.

If you're ready to submit your offer to Fincast, request that your lender lock your rate.  The Rate Lock will maximize your potential savings with other lenders.

Loan Terms and Costs

Loan estimate closing costs breakdown: Fincast mortgage cost comparison showing detailed fees, closing disclosure, and cost categories for transparent mortgage shopping
Loan estimate closing costs breakdown: Fincast mortgage cost comparison showing detailed fees, closing disclosure, and cost categories for transparent mortgage shopping

On the second page of the Loan Estimate, you'll find a detailed breakdown of all costs and fees, all of which will be considered by Fincast.

And, there are three categories of closing costs. Some closing costs the lender can increase by any amount, some the lender can increase by up to 10 percent, and some the lender can’t increase at all.

However, with a "change in circumstances" these rules do not apply.  For example, your lender is allowed to change your closing costs without restriction if:

  • You decided to get a different kind of loan or change the amount of your down payment

  • The appraisal on the home you want to buy came in higher or lower than expected

  • You took out a new loan or missed a payment and that has changed your credit

  • Your lender could not document your overtime, bonus, or other income

Loan Comparison

Fincast loan comparison tool: mortgage offer comparison guide showing loan estimate verification and mortgage loan broker information for better mortgage deals.
Fincast loan comparison tool: mortgage offer comparison guide showing loan estimate verification and mortgage loan broker information for better mortgage deals.

The last page of the Loan Estimate helps you understand the financial considerations of the proposed loan over time, as well as how it plans to be serviced.  If you have questions about this, you can ask your Loan Officer for clarification.

Double-check that the Lender/Broker and Loan Officer information is familiar and correct, and if you want to get more specific information about them, you can search https://www.nmlsconsumeraccess.org with their NMLS / License ID Numbers.

Fincast will need you to submit all 3 pages of your Loan Estimate in order to authenticate it and maximize savings.  If you have questions about this, please email us at [email protected].  

Fincast logo with stylized ‘F’ emphasizing speed and modern financial services

Upload Loan Estimate

Fincast logo with stylized ‘F’ emphasizing speed and modern financial services
Fincast logo with stylized ‘F’ emphasizing speed and modern financial services

NEWSLETTER

The Fincast Brief

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Fincast, Inc. is a digital shopping technology and online marketplace with its main business address located at 66 West Flagler Street, 9th Floor, Miami, FL 33130, Telephone Number (866) 986-1680. Fincast, Inc. provides administrative and marketplace services by matching consumers, who are prospective borrowers, with one or more banks, brokers, and/or lenders (each a "Lender"). Fincast, Inc. may also connect consumers with relevant Settlement Companies and/or Insurers that offer products and/or services of interest. Fincast, Inc. is not a Lender, Settlement Company, or Insurer and does not: originate, underwrite, make or refinance loans; make credit decisions in connection with loans or insurance policies; issue loan commitments or lock-in agreements; or guarantee that your submission of information on the Site will result in the origination or refinancing of a loan from a Lender, a policy from an Insurer; or guarantee a better deal or economic benefit of any kind.

Fincast, Inc. does not include information about every financial or credit product or service.Fincast, Inc. calculates and discloses averages based on comparisons of Loan Estimates presented along with data compiled from consumers and companies. Fincast, Inc. does not guarantee these claims or complete accuracy of these figures, as they are constantly changing and are estimated at a particular moment in time. Fincast, Inc. does not guarantee the accuracy of the information provided by lenders in our bidding platform and Fincast cannot be held liable for any deal detail discrepancies or miscalculations. These offers and deals are not guaranteed and are subject to change.

Fincast, Inc. NMLS Consumer Access #2496069 MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER.

This site is directed at, and made available to, persons in Colorado, Texas, and Florida only.

© 2025 Fincast, Inc. All Rights Reserved

Fincast, Inc. is a digital shopping technology and online marketplace with its main business address located at 66 West Flagler Street, 9th Floor, Miami, FL 33130, Telephone Number (866) 986-1680. Fincast, Inc. provides administrative and marketplace services by matching consumers, who are prospective borrowers, with one or more banks, brokers, and/or lenders (each a "Lender"). Fincast, Inc. may also connect consumers with relevant Settlement Companies and/or Insurers that offer products and/or services of interest. Fincast, Inc. is not a Lender, Settlement Company, or Insurer and does not: originate, underwrite, make or refinance loans; make credit decisions in connection with loans or insurance policies; issue loan commitments or lock-in agreements; or guarantee that your submission of information on the Site will result in the origination or refinancing of a loan from a Lender, a policy from an Insurer; or guarantee a better deal or economic benefit of any kind.

Fincast, Inc. does not include information about every financial or credit product or service.Fincast, Inc. calculates and discloses averages based on comparisons of Loan Estimates presented along with data compiled from consumers and companies. Fincast, Inc. does not guarantee these claims or complete accuracy of these figures, as they are constantly changing and are estimated at a particular moment in time. Fincast, Inc. does not guarantee the accuracy of the information provided by lenders in our bidding platform and Fincast cannot be held liable for any deal detail discrepancies or miscalculations. These offers and deals are not guaranteed and are subject to change.

Fincast, Inc. NMLS Consumer Access #2496069 MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER.

This site is directed at, and made available to, persons in Colorado, Texas, and Florida only.

© 2025 Fincast, Inc. All Rights Reserved

Fincast, Inc. is a digital shopping technology and online marketplace with its main business address located at 66 West Flagler Street, 9th Floor, Miami, FL 33130, Telephone Number (866) 986-1680. Fincast, Inc. provides administrative and marketplace services by matching consumers, who are prospective borrowers, with one or more banks, brokers, and/or lenders (each a "Lender"). Fincast, Inc. may also connect consumers with relevant Settlement Companies and/or Insurers that offer products and/or services of interest. Fincast, Inc. is not a Lender, Settlement Company, or Insurer and does not: originate, underwrite, make or refinance loans; make credit decisions in connection with loans or insurance policies; issue loan commitments or lock-in agreements; or guarantee that your submission of information on the Site will result in the origination or refinancing of a loan from a Lender, a policy from an Insurer; or guarantee a better deal or economic benefit of any kind.

Fincast, Inc. does not include information about every financial or credit product or service.Fincast, Inc. calculates and discloses averages based on comparisons of Loan Estimates presented along with data compiled from consumers and companies. Fincast, Inc. does not guarantee these claims or complete accuracy of these figures, as they are constantly changing and are estimated at a particular moment in time. Fincast, Inc. does not guarantee the accuracy of the information provided by lenders in our bidding platform and Fincast cannot be held liable for any deal detail discrepancies or miscalculations. These offers and deals are not guaranteed and are subject to change.

Fincast, Inc. NMLS Consumer Access #2496069 MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER.

This site is directed at, and made available to, persons in Colorado, Texas, and Florida only.

© 2025 Fincast, Inc. All Rights Reserved