Question

Lawrence is a buyer closing on a home purchase for which he's obtaining financing. He receives a Loan Estimate from his lender. What's the purpose of this document?

Answer 1

Answer: The purpose of this document is to detail estimated closing costs for Lawrence's loan

Explanation:

From the question, we are informed that Lawrence is a buyer closing on a home purchase for which he's obtaining financing and that he receives a loan estimate from his lender.

The function of a loan estimate is to detail estimated closing costs for the loan that Lawrence's took. With the low estimate, Lawrence will have an idea of what he'll pay