3.96- What is Information that must be disclosed on a Loan Estimate?
In entirety, the Loan Estimate has two pages however we will start with the information that must be disclosed on page one. We have already discussed this document in the preceding question yet we have not dived into depth about the content and what this document must actually disclose. Part 1(or page 1) covers general information, a Loan Terms table, a Projected Payments table and total Costs at Closing table. The Loan amount, payment, interest, insurance (mortgage and others), HOA must be revealed on the Loan Estimate.
Moving to Page 2, we have four groupings of costs starting with Loan Costs and other costs that are kindred to the loan itself. A Calculating Cash to Close table and an Adjustable Payments table is also plaid out. The last group is the Adjustable Interest Rate table. A precise of this would simply be that Part 2 of the Loan Estimate prescribes the costs/fees.