You applied with a bank or an online lender, and now you have a three-page document called a Loan Estimate. It has the numbers that decide what your home will really cost. It is also easy to skim past the parts that matter most.

I have been a Florida mortgage broker since April 2000, and reviewing other lenders’ Loan Estimates is one of the most useful things I do for people. Sometimes the offer is solid and I tell you so. Sometimes there are fees, points or terms worth questioning before you go further. Either way, you’ll know what you are signing up for.

What a Loan Estimate Is

A lender has to give you a Loan Estimate within three business days of receiving your application. It uses a standard format, which is exactly what makes side-by-side comparison possible. Page 1 shows the loan terms and your estimated payment. Page 2 breaks down closing costs. Page 3 has comparison figures such as the APR.

What I Check First

• The rate and whether it is locked. Page 1 shows whether your rate is locked and when the lock expires. An unlocked rate can still change.
• Points. Look at Section A on page 2. Points lower the rate but cost cash up front. Make sure you chose them on purpose.
• Lender fees. Section A also shows origination and underwriting charges. These vary a lot from lender to lender.
• Lender credits. A credit in Section J reduces your closing costs, but it usually comes with a higher rate.
• Cash to close. The bottom of page 2. Make sure it matches what you actually have, with reserves left over.
• The APR and “In 5 Years” figures. On page 3. They help you compare total cost across lenders, not just the rate.

Red Flags Worth a Second Look

• Points you don’t remember agreeing to
• A large origination charge with no clear explanation
• A rate that looks low only because of points you are paying
• A short rate lock on a purchase that won’t close in time
• A different loan program than the one you asked for
• Estimated taxes or insurance that look too low, which makes the payment look better than it will be

Why Compare With a Broker

A bank can only show you its own products. As an independent broker, I compare pricing and guidelines from many wholesale lenders, so I can tell you whether another option is worth considering for the same loan. I also own my company and work your file myself, so you’re talking to the person who does the work, not a call center.

If the bank already said no, or your deal is falling apart close to closing, that is a different conversation. Read what to do when a bank says no and call me right away.

How to Send Me Your Loan Estimate

• Call or text 904-880-6741 and tell me you have a Loan Estimate to review
• Or email it to nathan@nsmn.com. You can black out your Social Security number and account numbers first.
• I’ll go through it with you and tell you what I see. No cost, and no obligation.

Want your own numbers to compare? Request a rate quote. Any figures I give you are estimates based on the information provided.

Related: Seller contributions in Florida · Refinance closing costs in Florida

Rates and terms are subject to change. Available for qualified borrowers. Program guidelines apply. All loans are subject to credit approval. A review is not a commitment to lend.

Nathan Young is the founder and president of North Star Mortgage Network, Inc., an independent mortgage brokerage in Jacksonville, serving Florida since April 2000, and the 2025 NAMB Mortgage Broker of the Year. Call or text 904-880-6741. NMLS #325206 | Company NMLS #356789. Equal Housing Opportunity.