Finance
The Loan Estimate provided under TRID includes all of the following EXCEPT:
AEstimated interest rate
BEstimated monthly payment
CEstimated closing costs
DThe exact final payoff amount✓ Correct
Explanation
The Loan Estimate provides good-faith estimates of the loan terms and costs. The exact payoff figure is determined at closing and reflected in the Closing Disclosure, not the initial Loan Estimate.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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.
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.
Math Concepts
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