Finance
A Florida buyer's 'good faith estimate' (GFE) under the old RESPA rules has been replaced by the:
AUniform Settlement Statement
BLoan Estimate (LE) under TRID✓ Correct
CStandard Closing Disclosure
DFREC-approved financial disclosure form
Explanation
The TILA-RESPA Integrated Disclosure (TRID) rule (effective October 2015) replaced the GFE and Truth in Lending Disclosure with the Loan Estimate, and replaced the HUD-1 with the Closing Disclosure.
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Key Terms to Know
Discount Points
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
State-Specific Concepts
Disclosure RequirementsFREC Regulation
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