Finance
What is the purpose of a loan estimate provided under TRID in Idaho real estate transactions?
ATo provide an appraisal of the property
BTo disclose estimated loan terms, projected payments, and closing costs to the borrower✓ Correct
CTo confirm the buyer's employment history
DTo establish the final sale price
Explanation
Under TRID (TILA-RESPA Integrated Disclosure), lenders must provide a Loan Estimate within 3 business days of receiving a loan application. It discloses estimated interest rate, monthly payment, closing costs, and other key loan terms.
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