10/08/2026
Homebuyer Tip: A pre-approval letter and a Loan Estimate are not the same thing.
A pre-approval helps you understand a possible price range and shows sellers that a lender has reviewed preliminary financial information.
A Loan Estimate is a standardized document showing important details about a specific mortgage offer, including the estimated interest rate, payment, closing costs and other loan terms.
Your pre-approval helps you shop for a home. Your Loan Estimate helps you review and compare a specific loan.
Both are important—but they arrive at different stages and answer different questions.