Finance
A North Dakota homebuyer receives a Loan Estimate under TRID rules. This document must be provided within:
A1 business day of application
B3 business days of application✓ Correct
C7 days before closing
DAt closing only
Explanation
Under TRID (TILA-RESPA Integrated Disclosure) rules, lenders must provide the Loan Estimate within 3 business days of receiving a complete loan application. This replaced the GFE and early TIL 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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