Loan Estimates Explained Line-By-Line (Pay Attention to THESE Numbers)

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Before you buy a house (with a loan), you’ll receive a loan estimate. This estimate explains exactly what you’re getting into, from closing costs to your mortgage rate, taxes, insurance, fees, and more. But, sometimes, these loan estimates can be manipulated in order to make you THINK you’ll get a mortgage for cheaper. In reality, you could come to closing owing THOUSANDS more than you thought.

How do you spot a fishy loan estimate? Christian and David are back, and this time, they brought a real-life loan estimate from one of Christian’s past purchases. They’ll go step-by-step through some of the most important parts of this loan estimate, explaining what CAN be changed, what can’t, and the tricks loan officers might be playing on you in order to get your business. Plus, a mistake that’ll have you leaving thousands (or tens of thousands) on the table.

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00:00 The Loan Estimate Explained
02:20 1. PITI (Principal, Interest, Taxes, Insurance)
03:38 2. Loan Term
03:57 3. Lender Fees
05:21 Real Loan Estimate Example
09:10 Third-Party Fees
11:41 Lender and Seller Credits
13:17 Impound/Escrow Account
14:40 Closing Costs
15:50 Work with Christian and David!

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