Your Home Equity Loan Estimate: Clear Terms, No Surprises.

At Fidelity Bank, we believe you should feel confident from the moment you apply for a Home Equity Installment Loan. A Loan Estimate (LE) is a standardized, three-page form designed to make the terms and costs of your loan easy to understand and compare.

Federal law requires lenders to provide this document within three business days of receiving your application. It is your roadmap to exactly what your loan will look like before you commit.

What Your Loan Estimate Reveals

The LE is more than just a summary; it’s a detailed breakdown of your financial commitment, including:

• The Fundamentals: Your total loan amount, interest rate, and monthly principal and interest payment.

• The Bottom Line: Your estimated closing costs and the total “cash needed to close.”

• Local Costs: Estimated property taxes, homeowners insurance, and any relevant assessments.

• The Fine Print: Whether your rate is fixed or can change (ARM), and if the loan includes features like a prepayment penalty or balloon payment.

Why the Loan Estimate Matters to You

The Loan Estimate is a powerful tool for the proactive homeowner. It allows you to:

1. Compare with Confidence: Because the format is standardized, you can easily compare Fidelity Bank’s offer against any other lender.

2. Budget Accurately: By seeing your estimated taxes and insurance upfront, you can plan your monthly household budget without guesswork.

3. Eliminate Surprises: The LE sets the “ceiling” for many of your costs, ensuring you aren’t caught off guard at the closing table.