The Loan Estimate (“LE”) is a document provided to you by the lender within 3 days of the application date. The application date is the date when the following have been provided to the lender:
• Property address
• Property value
• Name of borrower
• Social security number to pull credit
• Loan amount
Once a lender receives these six pieces of information, they have three days to issue an LE. The LE is the initial estimate of the costs, containing the interest rate, monthly payment, and the estimated amount due at closing.
A lender may not have your title company’s fees and may 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.
Did you receive an LE and are having trouble understanding it, contact us and we can go over it with you.
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