Loan Estimates are just offers — they’re not set in stone. If the loans you’ve been offered don’t fit your needs or are different from what you asked for, don’t hesitate to go back to your lenders and ask for a different option.
What to do now
Confirm your loan option and approach to points or credits
Earlier, you chose a strategy for your loan option and points or credits. If you missed that step, if a lender gave you something different than what you asked for, or if you're not sure you made the right decision, it's not too late.
- If you're unsure about what your strategy should be, revisit our earlier action steps on loan options, points and credits, and how to select the kind of loan that's best for you.
- If you think you might be better off with something different than what is reflected on your Loan Estimate, go back to each of your lenders and ask to see a Loan Estimate that more closely matches your ideal scenario.
If you feel most comfortable with one lender but another has a better offer, go back to your preferred lender to see what they can do.
- Your best bargaining chip is usually having Loan Estimates from other lenders in hand.
What to know
Getting Loan Estimates from multiple lenders increases your bargaining power
Multiple Loan Estimates help you understand all your options and give you alternatives if your preferred lender is unable to accommodate your needs.
If you're planning to go back to your lenders to ask for something a little different, use our resources to plan what to ask for
You want to be able to give the lender a good idea of what you're looking for, so the next offer you receive is a better match. Check out these resources:
- Our guide to loan options.
- Information and an example to help you decide whether to pay a higher rate to get lender credits to help with closing costs or whether to pay points to lower your interest rate.
How to avoid pitfalls
Stay alert for warning signs
If what a Loan Estimate says is very different from what you discussed with your loan officer, be wary. Ask questions and trust your gut. It could be a simple miscommunication, or it could be a sign that you should consider choosing a different lender.