Questions about the mortgage process?
If you’ve received a Loan Estimate, you may be wondering what to expect next. Reviewing your Loan Estimate and deciding whether to proceed with that loan offer is an important part of the mortgage process. Our tools and resources help you navigate the process and choose a mortgage that’s right for you.
What to do now
1. Review your Loan Estimate
Your Loan Estimate is the official government form that tells you important details about the costs and risks of your loan offer. It’s standardized, so you can easily compare offers.
2. Request additional Loan Estimates from different lenders
When you get Loan Estimates from multiple lenders, you can compare to see which lender is offering you your best deal. For the most useful comparison, request the same kind of loan from each lender.
3. Check to see if your interest rate is locked
Some lenders may lock your rate as part of issuing the Loan Estimate, but some may not. Check at the top of page 1 on your Loan Estimate to see whether your rate is locked, and until when. If your rate is not locked, it can change at any time. If your interest rate is locked, your rate won’t change between now and closing, as long as you close within the specified timeframe and there are no changes to your application.
What happens next
1. Decide if you want to proceed with your loan application and let the lender know
Once you’ve chosen a loan offer, you need to tell the lender you want to proceed with that loan application. This is called “expressing your intent to proceed.” Lenders have to wait until you express your intent to proceed with a particular application before they can charge you application or appraisal fees.
2. Look out for revised Loan Estimates between now and closing
When important information about your loan changes, your lender may give you a new Loan Estimate. This can happen if the home was appraised at less than the sales price or estimated value, if your credit score changes, or if your lender cannot document your income. You will also receive a revised Loan Estimate if you decide to get a different kind of loan, change your down payment amount, or request a rate lock after the lender issued the original Loan Estimate.
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