3.84- What are the Circumstances under which a Loan Estimate may be amended?

Firstly a loan estimate is a document that one receives subsequent to applying for a mortgage. This is three pages in total and spells out significant information regarding the sought- after loan. The lender has to send this estimate after receiving the borrower’s application and the time frame is three business days, however there are circumstances where an amendment of this loan estimate may be necessary. This includes instances when the property was appraised at a different value than the original sales price (lower than it).

Another instance is when the lender did not account for overtime, bonus or some other sort of inconstant income etc. Thirdly, maybe the lender decides to alter his or her down payment amount or changes his or her mind about the type of loan that is required in the present set of circumstances.

Related Topics: The Loan Estimate (LE) Explain the concept of process "Time from Loan Estimate to loan consummation"

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