Finance
What is the purpose of the Loan Estimate (LE) that a Kansas borrower receives from their lender?
ATo lock in the final mortgage rate
BTo disclose the estimated loan terms, monthly payment, and closing costs within 3 business days of application✓ Correct
CTo confirm the property's appraised value
DTo provide the final terms at closing
Explanation
The Loan Estimate provides borrowers with a good-faith estimate of loan terms, projected payments, and estimated closing costs within 3 business days of submitting a loan application.
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