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Your lender has certain responsibilities to you, including providing you with a loan estimate and a closing disclosure. Find out what the loan estimate and closing disclosure should include, and when they must be supplied to you by law.
There are two very important documents that bookend the home loan process. These are required by law, and are designed to protect the homebuyer by providing them with clear, transparent information about the costs of their home loan.The first is the loan estimate, and the second is the loan disclosure.
A loan estimate (LE) is a three-page form that lists important information about the mortgage loan you’re considering.Your lender will provide it to you within three days after they receive your following basic loan information:
The Loan Estimate will indicate whether your have chosen to lock your rate or not. If the LE indicates your rate is not locked the rate and terms of your loan can change. If your rate is locked the lender is required to honor the terms of the loan within certain tolerances on the closing costs. The only exceptions are if there is a valid change of circumstance meaning the parameters of your loan changed such as a lower appraised value, lock extension, etc. If your interest rate or loan details change, you may receive a revised LE.
A closing disclosure (CD) is a five-page form that gives you the final details and costs associated with your mortgage loan. Your lender will send it to you at least three business days before you’re scheduled to close.
You’ll want to compare these two documents to look for any significant discrepancies, particularly in regard to fees and charges. If you find an error, contact your lender or settlement agent to have it corrected immediately.
We’ve fine-tuned the preapproval process to make it one of the easiest experiences you’ll have in the whole home buying process. Buying a home should be fun and exciting, not stressful. Get preapproved today!
Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon and Washington.
Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.