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The Basics

How to Read Your Loan Estimate

Getting your loan estimate is an essential step in the homebuying or refinancing process. What’s even more essential, though, is knowing how to read your loan estimate. We’ve seen plenty of clients work with other lenders and get hit with extra fees that were hidden in plain sight on their loan estimates. Reading your loan estimate doesn’t have to feel overwhelming. This guide will break it down step-by-step so you can understand every detail and feel confident about your mortgage. What is a Loan Estimate? A loan estimate is a detailed document provided by your mortgage lender that outlines all the different details and fees that will go into your mortgage once approved. It details things like your rate, the type of loan you have, what your monthly payment will be, an estimate of your closing costs, and much more. Remember, these figures are estimates. They can change if your mortgage rate, home price, or down payment changes. It’s important to work alongside your loan originator to understand all of the costs that go into your mortgage to make sure you know what you’re paying for and get the best deal possible. The Different Sections of Your Loan Estimate When you receive your loan estimate, you’ll notice that it’s broken down into a few different sections. It’s important to know what these sections cover and what they mean to avoid hidden fees and make sure your mortgage is structured the way you want it to be structured.Below are some of the sections you should review in detail and the different sections you’ll see on each page. Page 1 - Loan Terms Page 1 of your loan estimate summarizes the basic details of your loan. This includes your loan amount, interest rate, monthly principal & interest, prepayment penalty, and balloon payment. At the very top of the page, you can see whether you locked your rate, the length of your loan, and the type of your loan. As you review this section, keep in mind the things you agreed upon with your loan originator. Things like whether you locked your rate, what type of mortgage you got, and whether or not your rate can or cannot increase after closing.  Page 2 - Closing Costs Page 2 of your loan estimate will cover all of the fees that make up your closing costs. The only thing on this page that’s controlled by your loan originator is section A: origination charges. This section includes charges like application fees, underwriting fees, or points to ‘buy down’ your rate. These are the only fees your loan originator controls, so review them carefully to ensure they align with what you discussed. The other sections are the services that you can and cannot shop for, taxes and government fees, prepaid interest, taxes, and insurance, initial escrow payment due at closing, and other costs. At the bottom of this page, you can see your estimated cash to close. This is the amount of money you’ll need to pay to close your loan and get the keys to your new home. It combines the fees outlined on that page with your down payment and accounts for paid fees like a deposit, seller credits, lender credits, and other things that help lower your total closing costs. Page 3 – Additional Information Finally, on page 3, you can see a few pieces of information specific to your loan. At the top of your page, you can find information about your lender and loan originator. Beneath that are figures that you can use to compare this loan estimate with any others you receive. Finally, at the bottom of the page are details about your appraisal, loan assumption if you sell or transfer the property to someone else, late payment details, refinance qualification, and servicing. Servicing lets you know whether your lender will transfer servicing of your loan to someone else. This is important to know—if your lender intends to service the loan, you will pay that lender each month. If they plan to transfer service, you will need to pay a different lender. You can confirm all of those payment details with the lender at the time of your closing. How to Use Your Loan Estimate to Your Advantage Understanding every section of your loan estimate will help empower you to shop around for the most affordable mortgage available with terms that fit your short- and long-term financial goals. It will also protect you from different hidden fees that some lenders utilize to make a loan look more affordable than it actually is. The most common is discount points that allow a lender to give you a lower mortgage rate than the market allows. If you think your quoted rate is too good to be true, make sure to check section A on page 2. Discount points aren’t always bad, but it’s important to know whether you’re paying them and if it makes sense to pay discount points before you sign the dotted line. When you work with a UMortgage Loan Originator, you’ll unlock expert guidance to walk you through the entire mortgage process, including your initial loan estimate and your more detailed closing disclosure. You can also trust that you won’t get hit with any deceptive fees—just a mortgage that allows you to unlock the life-changing benefits of homeownership. Want to get started? Follow this link and fill out the form to get connected with a Loan Originator in your area today!

Published December 18, 2024

Blog Post
Market Update

Housing Market Update | Week of December 16th

We have an eventful week ahead of us, highlighted by the December Federal Reserve Meeting on December 17th and 18th. The Fed is expected to cut the federal funds rate by 0.25%. It will also release its Dots Plot Chart, which shows the Fed’s projections for the Fed Funds Rate, inflation, GDP, and unemployment in 2025. Finally, we will get the Personal Consumption Expenditures (PCE) inflation report on Friday. All in all, we could be in for a volatile week. All things considered, 2025 is set to be a great year for the housing market. Mortgage rates are projected to drop, inventory looks likely to increase, and homebuying demand is primed to grow throughout 2025. Check out my 2025 housing market forecast to learn why these trends are expected so you can stay ahead of the game and prepare your buyers for next year’s anticipated market movements. Last Week's Mortgage Rate Recap Rates Rose Slightly After seeing mortgage rates and the 10-year drop for three consecutive weeks, we saw a bit of a rebound on Friday likely in anticipation of the upcoming Fed Meeting. Fortunately, the rise wasn’t as sharp as many anticipated thanks to improved mortgage spreads. One positive trend we’ve noticed this month has been purchase application growth. Over the last 6 weeks, we’ve seen 5 positive prints. This is a good indicator of market resilience and increased activity to come in 2025. This Week's Mortgage Rate Forecast Rates Will Be Volatile Like we said earlier, we’ve got a busy week ahead with plenty of data and newsworthy events that will set the tone for the final weeks of the year and the first weeks of 2025. On Wednesday, we will hear from Fed Chairman Jerome Powell following the December Fed Meeting. A 0.25% cut appears to be nailed on. Perhaps the most important piece of information from that meeting, though, will be the Fed’s updated 2025 Dots Plot Chart. The previous Dots Plot Chart, released on September 18, showed 1% of cuts throughout 2025. The Fed can change its tone quickly, but this week’s data will likely set the tone for the early part of the new year. Finally, we have our PCE inflation report, which is the Fed’s favorite measure of inflation, on Friday. The markets are expecting headline and core inflation to both rise, which could make bonds and mortgage rates both rise. We're just a few weeks away from a new year! Check out this blog and feel free to share these 2025 market prediction graphics with your buyers as we approach the end of the year.

Published December 16, 2024

Blog Post

Mortgage

2025 Homebuying Made Easy: Market Trends and Preparation Strategies

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Purchase

New Appraisal Waiver Guidelines Could Save Buyers Thousands in 2025

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Purchase

Your Comprehensive Guide to Home Inspections

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Refinance

How a Cash-Out Refinance Can Help Fund Your Holiday Spending

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Experience is
Everything.

If an industry leading 95 Net Promoter Score isn't enough, take it from borrowers that have worked with us.

Kristy Lynn
K

Kristy Lynn

David is absolutely wonderful! He made this entire process in getting a VA Loan as simple as it could have possibly been for my first mortgage! I have and will continue to recommend him to every Veteran I know. Thank you for everything, David.

Jodi Granger
Jodi Granger

Jodi Granger

Vinnie was recommended to me and I'm so thrilled I got to work with him. He led me every step of the way going above and beyond. He answered every question I had and always responded quickly regardless of the time. If I ever buy again he is my number 1 go to. I couldn't have done it without him. I own the place of my dreams because of him! Thank you, Vinnie for everything!

Raymond Gummer
Raymond Gummer

Raymond Gummer

I had a difficult mortgage due to county issues etc. Fortunately I also had the best people working for me. You'll never regret a moment having Corey on your side. He's so dedicated to the customer, keeps you up-to-date on everything, and is just one hell of a guy. I have my first home because Corey made it happen, and I couldn't thank him enough. This guy is truly top of his game and I'm blessed to have had him on my team.

Susan Lenhardt
S

Susan Lenhardt

I can't say enough good things about Vinnie. If you want someone that contacts you right away and is there for you and your buyers the entire time through the whole process then you have to talk to Vinnie and see for yourself. My buyers are always very pleased with his professionalism and efficiency. He definitely goes the extra mile for them. They appreciate it and so do I.

Dominique Bell
Dominique Bell

Dominique Bell

Nicole was an absolute pleasure to work with! From the first conversation we had I knew we were going to be a great team for our buyer. She is thorough and communicates each step throughout the entire process up until closing day and she got my buyer $10k in grants! Thank you Nicole for all your hard work!

Yuritt Pasos
Yuritt Pasos

Yuritt Pasos

Brian and his team are amazing. From the first time I met Brian, he took the time to explain every step of the process with great patience and knowledge. I can honestly say I never expected for this process to feel so easy but Brian made it possible. I will always be thankful for all the support provided.

Meredith Smith
Meredith Smith

Meredith Smith

My family had a fantastic experience with Sunnie! Extremely capable and supportive, she helped us through the whole process with ease and a personal touch. We can't thank her enough! Even years after we closed our home, she still provides us with advice and encouragement. Thank you Sunnie!

Miranda Adams
Miranda Adams

Miranda Adams

I went through UMortgage using a VA home loan, and the agents I worked with were amazing! They worked all hours to help us get into a house and we were able to close in under 30 days! Amazing communication from both team members involved, Melly and Andy. They really made the difference in us being able to buy our first home. Huge thank you to the UMortgage team!

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Who is UMortgage?

UMortgage is a national mortgage company that connects you with experienced mortgage brokers in your area. UMortgage's local Loan Officers use UMortgage's vast portfolio of lenders and loan products to ensure you get the most affordable mortgage possible that is tailored to your individual financial needs and homeownership goals.

How does a mortgage work?

A mortgage is a loan used to buy a home, with the house serving as collateral until the loan is repaid. You make monthly payments that cover both the loan amount and interest across the life of the loan, which most commonly spans between 15-30 years.

How do I get pre-approved?

Getting pre-approved with UMortgage is easy! You can get connected with a local UMortgage Loan Officer who will do all the heavy lifting for you by filling out some basic information in this form.

How do I find out how much I can spend on a home?

Your UMortgage pre-approval will provide you with an accurate estimate of your buying power to help you shop for homes within your budget. You can use our free affordability calculator for a more general estimate of your budget.

What are the benefits of working with a UMortgage Loan Officer?

UMortgage's Loan Officers help you access the most affordable mortgage by shopping for the lowest rate on your behalf and offering a mortgage specifically tailored to your financial needs. UMortgage prides itself on its exceptional customer experience—exemplified by our industry-best 95 Net Promoter Score—and guides you through the homebuying process & beyond with care.

What types of mortgages does UMortgage offer?

UMortgage offers expert services for all the major mortgage types: Conventional, FHA, VA, USDA, and Jumbo Loans. UMortgage also offers rate & term refinances, cash-out refinances, VA IRRRLs, and FHA Streamlines. Get connected with a UMortgage Loan Officer to learn what type of mortgage will set you up for long-term financial success.

How long does it take to get a mortgage with UMortgage?

Turn times vary from client to client, but UMortgage proudly gets clients from loan application (after you've had an offer accepted on a home) to the closing table in 2 weeks. You can read this blog for more insight into UMortgage's homebuying process.

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