Finance
In Missouri, a 'good faith estimate' (GFE) was replaced by which document under TRID?
AHUD-1
BLoan Estimate✓ Correct
CClosing Disclosure
DTruth-in-Lending disclosure
Explanation
TRID (effective October 2015) replaced the Good Faith Estimate (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.
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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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