FAQ
Mortgage review FAQ
Honest answers about Loan Estimates, closing costs, and how Mortgage Lens works.
Your mortgage paperwork
What is a Loan Estimate?
A Loan Estimate is a standard three-page form a lender must give you within three business days after you apply for most home loans. It shows your estimated interest rate, monthly payment, and closing costs. Every lender uses the same form, so it's the easiest way to compare offers side by side. Our guide to the Loan Estimate walks through it page by page.
What is a Closing Disclosure, and how is it different from a Loan Estimate?
A Closing Disclosure is the five-page form with your final loan terms and closing costs. You must get it at least three business days before closing. It uses the same layout as the Loan Estimate, so you can check what changed between your first quote and your final numbers. See our guide to the Closing Disclosure.
Which closing costs can a lender raise before closing?
Federal rules sort closing costs into three groups. Fees paid to the lender, a broker, or the lender's affiliate, transfer taxes, and services you weren't allowed to shop for generally can't go up at all. Recording fees and services you picked from the lender's list can go up by 10% in total. Prepaid interest, homeowners insurance, escrow deposits, and services you shopped for yourself can change. A lender can go over these limits only for a valid reason, such as a change you asked for. Otherwise, it must refund the difference within 60 days after closing. Our guide to TRID tolerances explains each group.
What are mortgage junk fees?
"Junk fees" is a nickname for charges that add little value for you, such as separate application, processing, underwriting, document preparation, or administration fees stacked on top of an origination fee. They're usually legal, but they're often negotiable, and they can make one offer look cheaper than it really is. Read more in our guide to mortgage junk fees.
Can I negotiate lender fees?
Often, yes. Fees the lender sets itself, like origination, application, processing, and underwriting fees, are the most negotiable, especially when you can show a competing Loan Estimate with lower costs. Third-party costs like the appraisal and government recording fees are harder to change. Estimate Compare lines up your offers and gives you talking points to use.
When can I stop paying PMI?
On most conventional loans, you can ask your lender to cancel private mortgage insurance once your balance reaches 80% of your home's original value, if you have a good payment history. It generally ends on its own when the balance is scheduled to reach 78%. These rules come from the federal Homeowners Protection Act. FHA mortgage insurance follows different rules.
Using Mortgage Lens
What documents do I need to upload?
It depends on the report. A Refi Check ($49) needs a recent mortgage statement. Estimate Compare ($79) needs 2 to 4 Loan Estimates. A Closing Disclosure Audit ($99) needs your Loan Estimate and your Closing Disclosure. A Buyer Check ($69) needs no documents, just a few questions about your income, debts, and savings.
How long does a report take?
Each report starts with a few quick questions. After that, your report is usually ready in a few minutes once your documents are uploaded. Your report appears in your account as a PDF you can download, with no appointments and no phone calls.
Is my mortgage information safe?
Your documents are encrypted and open only to your signed-in account, plus a few people on our team when it's needed to help you or fix a problem. We never sell your information or share it with lenders. We delete a mortgage statement right after we read it. You can delete a report from your dashboard or delete your whole account from Settings. The details are in our privacy policy.
Do lenders pay Mortgage Lens?
No. We never take money from lenders: no referral fees, no ads, no paid placements. Borrowers pay a one-time price for a report, and real estate agents can pay a monthly subscription to share Closing Disclosure audits with their clients. Learn more about us.
Why do your reports cost money?
Our calculators are free. Our reports cost a one-time fee because that's how we stay independent: many free mortgage sites earn referral fees from the lenders they recommend, which can tilt their answers. A padded fee or a high rate can cost you thousands over the life of a loan, so we'd rather you pay a small price for an answer that's on your side.
What if you can't read my documents?
If a document is the wrong type, too blurry to read, or missing key details, we tell you so instead of guessing, so you can try a clearer copy. If we can't produce your report, email hello@mortgagelens.ai and we'll refund you in full. Our terms explain how refunds work.
What's the difference between a Check and a Pilot?
A Check is a single report that answers one question, like "should I refinance?" A Pilot bundles three reports for a whole refinance or home purchase (a Refi Check or Buyer Check, an Estimate Compare, and a Closing Disclosure Audit) with a dashboard that tracks each step. Want one answer? Get a Check. Want help from shopping through closing? Get a Pilot. Compare them on our pricing page.
Do you keep watching rates after my report?
Sometimes. If your Refi Check says to wait or not to refinance, we check rates every day for up to a year, for free. Once the 30-year average has dropped at least 0.25 points, we re-run your numbers and email you if refinancing would then save at least $150 a month and earn back closing costs within 3 years (and within half the time you plan to stay), at most once a month. After a Buyer Check, we check in about 3, 6, and 12 months later, and sooner if rates drop enough to change what you can afford. Every email has a link to pause or stop them.
Is Mortgage Lens a lender or a financial advisor?
No. We're not a lender, a mortgage broker, or a financial advisor, and we never contact your lender for you. Our reports give you facts and math so you can ask better questions. The decisions are yours. See our disclaimers and how we check your paperwork.
Ready for a second look at your loan?
Pick the report that fits where you are. Still have a question? Email hello@mortgagelens.ai.