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1 year ago

once a loan application is received, a creditor may not require additional information or verification until:

1 answer:

5 0

Once a loan application is received, a creditor may not require additional information or verification until The Loan Estimate is provided.

What is a Loan Estimate?

After submitting a mortgage application, you will receive a three-page document called a Loan Estimate.

You can learn vital information about the loan you've asked for from the Loan Estimate. After receiving your application, the lender has three business days to give you a Loan Estimate.

You can see key details on the form, such as the expected interest rate, monthly payment, and total loan closing expenses. You can find out more about the expected expenses of taxes and insurance in the loan estimate, as well as any future changes to the interest rate and payments. The application also discloses any unique terms of the loan that you should be aware of, such as prepayment penalties for early loan repayment.

So, the creatir must wait till The Loan Estimate is provided.

To learn more about Loan Estimate:

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