A lender must give buyers a "Loan Estimate" within three days of getting their application. This "Loan Estimate" became law on October 3, 2015 and explains the mortgage terms and details that the lender has provided.
These are questions that the above text answers:
1. What is the purpose of the "Loan Estimate" in real estate transactions?
2. When did the "Loan Estimate" become a legal requirement for lenders?
3. How soon after receiving a mortgage application must a lender provide the "Loan Estimate" to the buyer?
4. What information does the "Loan Estimate" provide to the buyer?
5. What is the significance of October 3, 2015, in relation to the "Loan Estimate"?
6. Who is responsible for providing the "Loan Estimate" to the buyer?
7. What are the consequences for a lender who fails to provide the "Loan Estimate" within the required timeframe?
8. How does the "Loan Estimate" impact mortgage lending?
9. What are the key details and terms that the "Loan Estimate" explains to the buyer?
10. Where can buyers find more information about the "Loan Estimate" in real estate transactions?