WHAT IS A LOAN ESTIMATE?

A Loan Estimate is a standardized three-page document that provides important information about the mortgage you've applied for. For most covered mortgage transactions, a lender generally must provide the Loan Estimate within three business days after receiving the information necessary to constitute an application.

The Loan Estimate provides information about the proposed mortgage, including the estimated interest rate, monthly principal and interest payment, estimated taxes and insurance, closing costs, cash needed at closing, and other important loan features.

What Should You Review?

When reviewing a Loan Estimate, pay particular attention to the loan amount, interest rate, whether the rate is locked, projected monthly payment, mortgage insurance when applicable, estimated closing costs, cash to close, and whether the loan contains features that could affect your payments.

Because lenders use a standardized Loan Estimate, the document can also make it easier to compare mortgage offers and understand differences in rates, costs, and loan terms.

A Loan Estimate Is Not Final Loan Approval

Receiving a Loan Estimate does not mean your mortgage has received final underwriting approval. Your loan may still be subject to information verification, underwriting requirements, property-related requirements, and other applicable conditions.

Before closing, you'll receive additional disclosures showing the final terms and costs applicable to your transaction.

Questions About Your Loan Estimate?

AZ Financial can review your Loan Estimate with you and help explain the loan terms, estimated payment, closing costs, and other important information so you can better understand the financing you're considering.

Have a Loan Estimate from another lender?  Contact AZ Financial at 480-787-5777 to discuss your mortgage options.

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