Finance
Under TRID, the Loan Estimate must be provided to a Missouri borrower within 3 business days of:
AClosing
BReceiving a complete loan application✓ Correct
CSigning the purchase contract
DThe appraisal being ordered
Explanation
TRID requires the Loan Estimate to be delivered or placed in the mail within 3 business days of the lender receiving a complete mortgage application from the borrower.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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