The Loan Estimate (“LE”) is the document provided to you by the lender within 3 days of the application date.
The application date is the date the lender is provided the following:
• Property address
• Property value
• Name of borrower
• Social security number to pull credit
• Loan amount
Once the lender receives these six pieces of information, they have three days to issue an LE to you.
The LE is the initial estimate of the costs, it contains the interest rate, monthly payment, and the estimated amount due (or to be paid to you) at closing.
Often times, the lender will not yet have your title company’s fees and will quote their own title company, in order to get the LE out within the three day time frame; the costs quoted on the LE can change prior to closing.
If you received an LE and are having trouble understanding it, contact us and we can go over it with you.
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Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2017 Counsel Mortgage Group®, LLC.