Every Home Buyer Will Get This Document (Your Loan Estimate Explained Line-By-Line)

A clear walkthrough of your Loan Estimate, the document every lender is required to give you 3 business days after you complete a RESPA application (detailed in the video).
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0:00 How a Loan Estimate works
1:02 What is a Loan Estimate?
1:21 Think of this as a map
2:03 Required in receiving loan estimate
2:32 Time Frame
3:09 Closing Disclosure
4:57 Information that you need to check
5:22 Sales Price
5:33 Loan Amount
6:07 Loan Term and Purpose
6:20 Fixed Rate
7:01 Loan Type and Loan ID#
7:17 Rate Lock
8:16 Rate lock expires
8:46 Interest Rate
9:14 Monthly Principal & interest
9:24 Prepayment Penalty
10:10 Projected Payments
10:44 Estimated Escrow
11:10 Estimated Total Monthly Payment
11:35 Estimated Taxes, Insurance & Assessments
12:21 Closing Cost Summary & Details
13:07 A. Origination Charges
14:24 B. Services You Cannot Shop For
15:13 C. Services You Can Shop For
16:57 D. Total Loan Cost (A+B+C)
17:03 Other costs: E. Taxes & Other Government Fees
18:04 F. Prepaids
19:25 G. Initial Escrow Payment at closing
20:38 H. Other Title -Owner's Title Policy
21:07 I. Total of Other Costs
21:12 J. Total Closing Costs
21:36 Calculating Cash to Close
24:55 Comparisons
25:38 APR
26:33 Total Interest Percentage (TIP)
26:50 Appraisal
27:14 Assumption
27:30 Homeowner's Insurance
27:51 Late Payment
28:01 Refinance
28:18 Servicing
28:55 Confirm Receipt
30:38 Feel free to ask your loan officer
Kyle Seagraves - NMLS 1701021
Only for educational usage. All calculations should be verified independently. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Read the full disclaimer here: www.winthehouseyoulove.com/di...

[@blahblah3485]

seeing that 3.8% interest rate on this makes my heart cry.

[@Godistheonlyway9319]

x2

[@christophermeyer3544]

😢

[@Eayoub99]

As a loan officer, I have to say, this outlined fantastically! Good work!

[@WinTheHouseYouLove]

Wow, thank you!

[@thegreatone7834]

@@WinTheHouseYouLove what advice do you have for someone who owns 3.5 acres of land already can it be used to get funding to build

[@MrLoudog7]

I was going to ask the same . I

[@Ashenkaniku]

Are you a mind reader? I started applying to lenders over the weekend. Haha, now I can sound like a pro when I talk to them about stuffs 😌 Thank you! Edit: one of the lenders had my Loan Estimate doc online and I've been following along like a good student. Definitely recommend doing the same for anyone who has a Loan Estimate doc while watching this video 👍👍

[@lsanchez187]

Speaking of synchronicity!! I received my home estimate a few hours earlier and this video just popped up on me out of nowhere. What a godsend! This is my third home purchase and I had never understood before what I learned in 30 min from watching it. Not only you know your stuff, Kyle. On top, you also have a talent to explain it in the clearest and less anxiety-generating way possible. Kudos to you and thank you.

[@stacyreimer5107]

Thanks Kyle you're channel has made me so knowledgeable about loans!!! You're awesome! You do not find lenders like you that are so genuine!!! Cannot thank you enough!!!! Like I said your wicked smart!! 👍😉😊

[@UltamiteSHunter]

I just received my loan estimate on my first home purchase today, what a coincident. This helped me quite a bit, I semi-understood what I was looking at, but I always love more insight. Especially from someone that doesn't have their own best interest in mind. I've been watching quite a few of your videos. You provide great insight for first time home buyers like myself, thank you for all of your help!

[@thenicki003]

This video was very informative. I listened to this 5 times before signing my Initial Loan Estimate

[@tierralewis8899]

Another awesome breakdown video! Keep them coming!

[@black_n5492]

Just used this document to walk through an initial disclosure. Thanks so much for this! Made the confusion clearer and allowed me to compare what I had been promised verbally with what was written.

[@WinTheHouseYouLove]

Incredible! So glad it was helpful!! We'd love a chance to see if we can beat your quote! www.winthehouseyoulove.com/compare

[@black_n5492]

@@WinTheHouseYouLove I did reach out but had a few details specific to my situation that your team couldn't work around. We just closed right before Christmas. Thanks for your videos and we'll keep you in mind next time, I'll have a full W-2 two years working experience by then.

[@Xtremeproducts]

I’m almost on the home stretch…this info is GOLDEN

[@3bdmhsen461]

It is my first time buying a home and there was some questions that kept me up at night. I came here when i needed answers or clarification on things while going through the process!! Thank you for your time and effort

[@user-tk7sc4gz2v]

This is exactly what I was trying to understand and then this video popped up, thanks!

[@jordanwilliams9300]

This was a GREAT walkthrough. Wish I'd had it when I went through my home purchase 3 years ago. I figured everything out, but it took me a lotttttt of my time. And in between there was great confusion lol.

[@MichaelJ843]

Kyle, I used your site and found a wonderful loan officer at Alcova in South Carolina, he is such a teacher and so positive. Thanks!

[@juansanchez766]

New Loan Officer. I had to go over the Loan Estimate with my borrower and got stuck on Tittle Fees when asked about the "Loan tie-in fee". This was an excellent video.

[@dennymui2]

Great video! Followed this line by line with my loan estimates and now I can really compare with confidence.

[@nicolelacy9492]

Thank you for this video. I’m a first time buyer and my loan officer is a bad communicator. Your video helped me understand the confusion I had with my Loan Estimate. These videos are VERY helpful! ❤

[@jenniferschissel2353]

Such timely content for lots of folks, Kyle, thank you! The walkthrough for single income was especially helpful. Never thought I’d be takin notes on that but the Lord had better plans eh! Lol. Keep it comin! 🤚🏻

[@sebastianliu2009]

This is so funny!!! I just signed this about 2 hours ago. If you're 'cash to close' is less than you expected then the lender hooked you up because my 'cash to close' is $675 =) (i.e. final closing cost included my earnest deposit of $3.8K)

[@whoabrian]

This was awesome! Thanks for the clear explanation! Helps so much. Cheers!

[@WinTheHouseYouLove]

Thanks for watching! Cheers!

[@dananguyen1415]

Thank you so much for this thorough and not over complicated explanation video!!

[@michealsizemore1]

This is the best video I have seen on the loan estimate.

[@riversoflivingwater3831]

If my university professors had half the presentation and communication skills you have I would have been a 4.0 student 🤣🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼

[@WinTheHouseYouLove]

🤣 Thank you!

[@iPDot8]

Watching this video after getting my first loan estimate! Thank you!

[@dj.1094]

This was so helpful! Thank you!

[@LaWanaMayfield]

Thank you for clarifying this. We are in the process on a new build & going on a 4th iteration of the loan document. The $$$ were all over the place, 3 vs 2 appraisal fees & charging a Transfer Tax that is Not allowed in my County in NC. I told the loan officer to send me a corrected form that removed the extra appraisal fee, increase the lender credit to offset the transfer tax & that we are identifying our own closing attorney so waiting for updated paperwork. This is so frustrating....

[@evaarbo5456]

I just got my license as an MLO I can’t appreciate enough this type of full demo and referenced content Thank you 😇🙏

[@WinTheHouseYouLove]

Glad to help!

[@mtweeks]

Loving this channel. Currently doing some financial restructuring and putting away money for a down payment. Looking to purchase in a year. Your videos are incredibly insightful and encouraging.

[@WinTheHouseYouLove]

Thank you very much!

[@ryansaunders8099]

This video is amazingly helpful! This is a must for literally anyone going through the home buying process for the first time or the fifth time!

[@WinTheHouseYouLove]

Thanks for watching!

[@lucemagee4534]

This was unbelievably helpful. Thanks a million!

[@WinTheHouseYouLove]

Glad it was helpful! Thanks for watching. :)

[@remy9536]

Liked! Wow, that was very informative. Great work!!

[@WinTheHouseYouLove]

Much appreciated! Thank you for watching. :)

[@darlinnikki9514]

Thank you so much for reviewing the Loan Estimate. I just received an updated version of my Closing Disclosure and will compare it to (1) the Loan Estimate and (2) the First Closing Disclosure. Cash at Closing increased by nearly $1K.

[@WinTheHouseYouLove]

Woof, that's not good!

[@harinat]

Nice explanation on loan estimates.Thank you. This should enjoy more views

[@MrSLonoed]

Thank you for the video. It's very very helpful and easy to follow.

[@WinTheHouseYouLove]

I just recorded a personal video reply for you: vid.us/deifio

[@blueviolets2106]

I just received this today. Thank you!

[@chelisecaceres924]

Thank goodness I found you!!! I had so many questions and I wanted to truly under y the paperwork that will be used. Thank you so much. You made a worried couple feel so much better with your videos.

[@WinTheHouseYouLove]

Thank you so much for watching!

[@ThaGr8YT]

Thank you Kyle! Your videos have really helped my wife and I over the past year of saving and paying off debt. We’re looking to buy our first home sometime next year and your videos have given us so much knowledge to pull from as we begin that journey! Wish you nothing but success, as you’ve helped us and so many others!! Love the channel and content!! You rock! 🤘🏻🤘🏻

[@antytrend]

Your mic is tuned to perfection!

[@gwenjackson8050]

Thank you! Thank you! Thank you because I was going to pull my lenders hair out. I received one in Feb and 2 in March.

[@r.martinez6257]

Awesome explanation.. thanks much for the breakdown!.😎

[@WinTheHouseYouLove]

No problem 👍

[@Marketplacere]

Amazing video!!! really and truly insightful. I really learned a lot, thank you.

[@WinTheHouseYouLove]

Glad it was helpful!

[@jannycal]

Just signed a contract with a builder. You are so detailed and knowledgeable Thank you for the explanation line by line. I feel more confident now going through this loan process.

[@WinTheHouseYouLove]

Fantastic! Best of luck!

[@macylobeauty]

Great overview, thank you so much for this video!!

[@WinTheHouseYouLove]

Hey Macy! Thank you so much for your kind words and support! I'm really glad you found the video helpful. If you're ready to take the next step and start on a pre-qualification, you can visit www.winthehouseyoulove.com/lender or shoot me an email at [e-mail]. I'm here to help!

[@VinayThomas]

This is an awesome video. I really appreciate all your content and how you just get to the point with the details

[@WinTheHouseYouLove]

I appreciate that! Thanks!

[@elanahammer1076]

This is informative and helpful. I appreciate you breaking this down line by line. Thank you. 🤔❤🇺🇸

[@jtreyshorts4262]

I just used this as a guideline for my loan estimate thank you !!!!

[@getupandgotransport6344]

Thanks for this video much appreciated!

[@WinTheHouseYouLove]

Glad it was helpful!

[@gabycan1914]

Amazing explanation and oh so helpful! I'm closing on my second home and just not realizing that I wasn't fully aware and informed of all the fees in the loan estimate. Thank you for sharing your knowlege!

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@calebpeters3857]

thank you for reviewing this information

[@WinTheHouseYouLove]

Thanks for watching. :)

[@sapphire6107]

This really educate me for my future home purchase. I was naive the first time. Thanks so much!

[@WinTheHouseYouLove]

You are so welcome! Best of luck!

[@luisafernandez8576]

watching this now, seeing that interest rate comparted to the current ones makes me want to cry as a first time buyer hahah

[@christinea7030]

I received my loan estimate today and this made everything SO clear! Thank you!!! 😊

[@WinTheHouseYouLove]

Glad it helped!

[@leituraseoutrasaventuras]

Thank you so much for this!

[@teddybear8571]

Thank you for that break down of the loan estimate. Good information.👌🏽😁

[@WinTheHouseYouLove]

Glad it was helpful!

[@williamyates5863]

Amazingly helpful. Thank you!

[@WinTheHouseYouLove]

Info for amazing viewers! Thanks for watching. :)

[@Overly_nourished_entity]

Great info as always!! Wish home buying wasn’t such a hassle 🥲

[@seagravesvibe6507]

You can do it! Take Kyle’s advice and interview multiple agents In your area when your ready. I tell clients this isn’t like walking on a car sales lot where you all of a sudden walk out with a car. Get approved, interview agents who best fit you and your needs and start a home search. If you can’t find one that fits don’t feel pressured into a sale at all. If an agent is pushy or their ego is so far up their behind and they don’t make time for you drop them. Everyone is here to help and will explain every step of the way in small bites and pieces. Stay away from anyone who just views you as transaction and go for that family/ friend feel. I wish you well on your journey!

[@EricV485]

It’s the most expensive thing you will ever purchase, of course it will be a hassle! 😅

[@PhotoColin]

THANK YOU for doing this video was extremely helpful digesting one of these, as I’m currently under contract as we speak. I was working with a lender who locked down my rate buying down points but didn’t tell me….until I saw the note under Origination Charges. Sad how lenders try to mask these sorts of things with confusing verbiage/terminology.

[@WinTheHouseYouLove]

Glad it was helpful!

[@lauriekepaa8464]

Thank you sue very helpful I really enjoy all your videos very informational keep making them videos

[@WinTheHouseYouLove]

Glad you like them! Thanks for watching. :)

[@Metalhead27]

Thanks! Great information 👍🏾

[@WinTheHouseYouLove]

Thanks so much!

[@davepark5374]

Good information . Thanks!

[@WinTheHouseYouLove]

Glad it was helpful!

[@lmcknight21078]

This was extremely informative and helpful

[@WinTheHouseYouLove]

Glad you think so!

[@kristinal4226]

Awesome video Kyle. Keep them coming! Do you have any advise on submitting our loan to underwriting for a TBD approval? One of the lenders I spoke to told me that this type of approval gives me a leg up on any other offers that have just been pre-approved. I just want to make sure that I can still shop around with lenders even if I get the TBD approval from them? Thank you!

[@huynguyentoantin]

A very useful video. Thank you!

[@WinTheHouseYouLove]

Glad it was helpful!

[@isaiahvasquez3031]

Thank you so much it helped me a lot

[@ssk4965]

Thanks much for this video and explanation, appreciate it!!!

[@WinTheHouseYouLove]

Glad it was helpful! Thanks for watching. :)

[@msrawynn]

Great video, very informative 👍🏾

[@WinTheHouseYouLove]

Thanks a lot! Glad you found it informative! - Kyle Get pre-qualified at www.winthehouseyoulove.com/

[@jd1671]

Locked in at 2.875 today. No point buy down. Was offered 2.750 or .125 reduction for $2000

[@lawrencebriggs]

This video has helped me out a great deal!

[@WinTheHouseYouLove]

Glad I could help!

[@anushkanicholas2812]

So helpful, thank you

[@haoyeh8477]

I learned a lot Thank you !!

[@WinTheHouseYouLove]

Glad it was helpful! Thanks for watching.

[@joethemlo]

Great video bro!

[@WinTheHouseYouLove]

Appreciate it!

[@ktdin319]

Thanks a bunch for sharing. It feels like we're all gonna need our own personal attorney in order to purchase a home.

[@WinTheHouseYouLove]

Best of luck and thanks for watching!

[@kimschneider6833]

I may be selling my home in one state and buying a condo in a new state and it's been over 20 years since we applied for a mortgage... this info was very clear and easy to understand!

[@WinTheHouseYouLove]

Hey Kim! Thanks for watching and I'm glad the info was helpful to you. Selling a home and buying a new one can be exciting but also a bit overwhelming, especially after a long time since your last mortgage application. If you're ready to start on a pre-qualification for your condo purchase, you can go to www.winthehouseyoulove.com. Let me know if you have any other questions!

[@chauncypeters3394]

Great video Kyle! When would you suggest is the best time to place your title order when you shop for a title company on your own?

[@marksmith9237]

Lots of good info, Ty!! As mortgage loan closer or loan processor most of my adult life over the past 24 years including now - great and important information!! My only criticism, as an inactive real estate agent as well is that your description is slightly inaccurate below in the summary - the LE is required 3 bus days after 'contract' but in your video start you do point out after 'application' or info given by borrowers constituting ' an application' .. may throw some 1st time homebuyers etc that got 'prequalified' and made house offer and went under contract, but still need to give lender info or make 'app' but overall great stuff on the best investment anyone can make for personal wealth building imho - no matter the market buyers/seller's etc Best Long term/retirement investment.

[@WinTheHouseYouLove]

Thanks, I'll clarify that :)

[@saifkiani4200]

subscribed amazing content!!

[@WinTheHouseYouLove]

Thanks and welcome to my channel!

[@ktdin319]

Thanks for sharing this.

[@WinTheHouseYouLove]

My pleasure!

[@jorgemeza2170]

Great info!

[@WinTheHouseYouLove]

Thanks for watching!

[@josephsharlow5510]

Very interesting keep up the good work

[@WinTheHouseYouLove]

Thanks, will do!

[@Rose-bw5cg]

Very Informative video. I had so much question and confusion as a first time home buyer before watching this video. I am at ease after watching this video. This video answere all the question that i had. Good job!!!

[@WinTheHouseYouLove]

Great to hear! Thanks for watching. :)

[@bugsfelt]

Thanks!

[@WinTheHouseYouLove]

Thanks so much!

[@ASillyLlama]

Very useful

[@rdbridge9376]

Great job dude!

[@WinTheHouseYouLove]

Thank you! Cheers!

[@frank87261990]

Thank you for your help ❤

[@WinTheHouseYouLove]

My pleasure. Thanks for watching. :)

[@emmettmortgage]

Nice shirt. 😃. Great video. My LE video is part of my inprocess marketing and helps explain the process. 👍

[@madpennfoodchannel7501]

Thank You 🙏

[@WinTheHouseYouLove]

My pleasure. :)

[@mimimtf]

Hello there! I was wondering, if when looking over the loan estimate, should I bring to the loan officer’s attention discrepancies I noticed with the amount of outstanding debt that’s listed in the loan estimate?

[@daviddominguez5492]

Thanks so much learned so much this pass week watching your videos. If you know anyone in Houston that you wanna refer me to I'll check them out.

[@patrickvillacreses1532]

Fantastic explanation

[@WinTheHouseYouLove]

Glad you think so!

[@Croix98101]

Mr. Kyle, do you have a mortgage calculator and financial tool kit. Im downloading the pdf and need to see how the numbers will work for me. Thanks

[@Xtremeproducts]

I made it to the end

[@engineerahmedabbas]

All your videos are very helpful! Are you by any chance planning on putting together a video for CD, Closing Disclosure, explained?

[@WinTheHouseYouLove]

Thanks! Ooh, yes it's on my list :)

[@dontran6061]

Liked, commented, and subscribed for the algorithm.

[@WinTheHouseYouLove]

Awesome, thank you!

[@jefferson.castillo]

What a gem 💎

[@jessemongia9730]

Helpful

[@WinTheHouseYouLove]

Glad you think so! Thanks for watching. :)

[@rubikclub]

Keep coming back to this video while we are closing! For the “service that we can’t shop for”, you mentioned that it can’t be increased significantly, but for service like appraisal fee that getting charged upfront, if any of the services turns out to be less than the estimate, would we get the money back as well?

[@Kay-Kay56]

Thank you sooo much ❤️ First tome homebuyer here. I can watch this video with my husband because he doesn't understand why the price keeps changing.

[@WinTheHouseYouLove]

Wonderful! Thanks for watching. :)

[@jayvito86]

signed my contract few days and going through my loan estimate as I watch this.

[@WinTheHouseYouLove]

Best of luck!

[@margeauxjenkins12]

Is it good to accept Interest rates that INCLUDE points or better off with par Interest rate quoted and listed on loan pre-approval

[@bigkieppo]

🔥🔥🔥 shirt! Let me know when you got it from. And as always, great content!

[@WinTheHouseYouLove]

Thanks! It's from Suitsupply

[@pops1pops178]

I got the loan estimate before my closing date and before my credit was actually pulled the intrest rate is inaccurate so basically it's a rough estimate