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My loan officer says that I can't apply for a mortgage loan and receive a Loan Estimate until I can provide a copy of a signed purchase contract, is that correct?

You do not need to have a signed purchase contract in order to apply for a mortgage loan and receive a Loan Estimate.

The Loan Estimate is a three-page form that gives you important information about the mortgage you have requested.

A purchase contract—or purchase agreement—is a written contractual agreement between the buyer and the seller for the purchase of residential real estate.

You have to give a lender six pieces of information in order to get a Loan Estimate, including the property address and an estimated value of the property. You do not have to provide a purchase contract to get a Loan Estimate.

See a sample Loan Estimate form with interactive tips and definitions.

Note: You will not receive a Loan Estimate or Closing Disclosure if you are shopping for:

For these kinds of loans, you should receive Truth-in-Lending disclosures. If you are shopping for a reverse mortgage, you will also receive a Good Faith Estimate (GFE) and a HUD-1 Settlement Statement.