Reviewed by Kladi Bejkolli Mortgage Loan Officer, NMLS #1626841 Updated September 27, 2026
A Loan Estimate is the standard three-page form a lender must give you within three business days of a complete application. To compare two of them, place page 1 side by side and read the locked rate and monthly payment, then the total loan costs, then which items are estimated versus locked, and ask about anything marked TBD.
Page 1 shows the loan amount, rate, monthly principal and interest, and the estimated taxes and insurance. If the rate is not locked, the comparison is not final yet. Compare the full monthly payment with escrow included, not just the rate.
The Costs section itemizes what the loan itself charges: origination charges and points in Section A, services you cannot shop for in Section B, and services you can shop for in Section C. Two estimates with the same rate can differ by thousands of dollars in these sections, so this is where the real comparison lives.
The APR folds lender fees into the rate to give you a single number for comparisons. It is not your actual rate, it is a comparison tool. Use both: the rate for your payment, the APR for the true cost of the loan.
Some costs are locked and some can change before closing. A good estimate flags which is which. If something is marked TBD, ask for the range before you rely on it in your budget.
Unexplained fees, numbers that look too clean, or pressure to sign before you read the pages are reasons to slow down. A trustworthy loan officer walks you through every line and explains what changed and why.
General education only: not a quote, an offer of credit, or a promise of approval. Programs and guidelines vary by state, product, and borrower profile. Confirm your situation with Kladi directly.
Kladi will confirm what applies to the state your property is in and lay out your realistic options with the tradeoffs visible.
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