Which document provides a summary of all loan terms, including the APR and monthly payment?

The Loan Estimate is the document that provides a summary of all loan terms, including the annual percentage rate (APR) and the monthly payment. This document is designed to give borrowers a clear understanding of the costs involved in the loan before closing. It outlines essential information such as the loan amount, interest rate, estimated monthly payment, and total closing costs.

Additionally, the Loan Estimate also allows borrowers to compare different loan offers from various lenders, making it an essential tool for informed decision-making. It is provided within three business days of applying for a mortgage and is a key part of the mortgage application process as mandated by the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA).

The other documents mentioned—like the Closing Disclosure—provide detailed final terms before closing, but the Loan Estimate specifically serves the purpose of summarizing loan terms early in the process. The Note and Mortgage Agreement are crucial to the legal aspects of the loan but do not provide the same overview of terms.