3.97- Explain the Facts about Loan Estimate
Now we will move on to discuss general characteristics inherent in the document itself, that is, the Loan Estimate. This document is made of three pages and it is received subsequent to the mortgage application. This document is responsible for divulging particular features regarding the sought after loan. It has already been established in the foregoing FAQ’s above that this document is to be presented no longer than three business days following the application’s receipt. The Loan Estimate(herein referred to as LE) is a tool that one can employ in order to make sure that it is the mirror image of what has been decided with the lender. If there is some discrepancy then the borrower can approach the lender with the intention of clarification. The LE assists the borrower in comprehending focal features, fees and the risks premised on the applied mortgage loan.