An official Loan Estimate is better than a quote from a lender when shopping for a mortgage for a few reasons: Consistency: A Loan Estimate is a standardized document. All lenders must send you one within three days of the mortgage application. The form makes comparing loan offers between lenders easier because the format is the same. Accuracy: Lenders must provide accurate and complete information on the official Loan Estimate. For this reason, the interest rate, closing costs, and loan terms on the Loan Estimate are more reliable than a quote. Protection: The Loan Estimate protects you because lenders may not increase specific fees after sending you one. As a result, you have time to shop and compare loan offers before deciding which lender to use.  An official Loan Estimate gives you more reliable, accurate, and consistent information while ensuring lenders don't take advantage of you during the mortgage process.