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Homebuying

How to Read a Loan Estimate (Line by Line)

The three-page Loan Estimate is your best tool for comparing lenders. Here's how to actually use it.

Page 1: loan terms and payment

Rate, monthly payment, prepayment penalty, and balloon features — the parts most buyers focus on.

Page 2: closing costs

Origination charges, services you can shop for, and services you can't — where lender fees hide.

Page 3: comparisons and APR

The 5-year total cost and APR give you a real apples-to-apples comparison between lenders.

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