The Loan Estimate (LE) replaces the Good Faith Estimate (GFE) and the initial Truth-In-Lending document (TIL). The LE provides borrowers with the details on loan terms and estimates of loan and closing costs and prepaid taxes/insurance. This will make it easy to understand all the costs involved. The Loan Estimate will be provided to all borrowers within 3 business days, after they have submitted their loan applications.