The Official Offer from the Lender
What’s the difference between a quote, a fee worksheet, and the Loan Estimate? You might receive a quote prior to filling out a loan application. Once you submit your application, though, the lender has 3 days to prepare and send to you the official offer, which comes in the form of the government-regulated, standard Loan Estimate.
Don’t get them confused, and don’t compare a Loan Estimate with an informal quote. They are very different. On the Loan Estimate, you will see a lot of information. Here’s what you should look for, what it means, and how to compare offers from different lenders.