The Loan Estimate is a new form that goes into effect on October 3, 2015.

Beginning October 3, 2015, loan officers are required to provide you with a Loan Estimate once you have provided:

• your name,
• your income,
• your Social Security number (so the lender can pull a credit report),
• the property address,
• an estimate of the value of the property, and
• the desired loan amount.

Your loan officer cannot require you to provide documents verifying this information before providing you with a Loan Estimate.

You can choose to give more information. The more information you can provide the loan officer about your financial situation, such as debts and nonwage income sources, the more accurate the information on your Loan Estimate is likely to be. Your Loan Estimate will also be more useful for you if you tell the loan officer what kind of loan you are interested in. You may want to let your loan officer know whether you are interested in:

• A fixed or adjustable interest rate
• A specific down payment amount
• A specific loan type (conventional, FHA, VA, USDA, etc.)
• A specific type of mortgage insurance premium (monthly, upfront, or a combination of both)
• Paying points upfront to lower your interest rate
• Receiving lender credits to be used toward closing costs in exchange for a higher interest rate
• Paying your homeowner’s insurance and/or property taxes as a part of your monthly mortgage payment rather than paying these separately yourself
• Having your lender lock your interest rate, and for what time-frame