4321 Random Boulevard Somecity, ST 12340 FICUS BANK Save this Loan Estimate to compare with your Closing Disclosure. LOAN TeRM PuRPOse PRODuCT LOAN TyPe LOAN ID # RATe LOCK Loan estimate DATe IssueD
home loan estimate format

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So you found the home of your dreamscongratulationsthe next step is to apply for a mortgageloan your lender is required to presentyou with a loan estimate within 3business days of receiving yourcompleted application as of october 3rd2015 the loan estimate replaces the goodfaith estimate and the initial Truth inLending statement you might havereceived in Prior mortgage applicationsso what is the loan estimate let's takea closer look the loan estimate is astandardized three-page document thatprovides information regarding yourpotential mortgage loan this includesthe loan product type the loan amountthe loan terms and details and theprojected closing costs the loanestimate will also provide yourprojected monthly mortgage payment aswell as any charges for fees paid out ofan escrow account like property taxesand homeowners insurance the figurelocated at the bottom of page 1 showsthe estimated amount of cash you'll needto close the transaction the loanestimate separates closing fees by thoseyou can shop for and those you cannot ifyour lender will not allow you to shopfor a certain service like a homeappraisal it is bound to honor thefigure quoted in the loan estimate forservices you can shop for you are freeto find a third-party service providerof your choosing if you choose from thelenders list of third-party serviceproviders you're quoted figures carry a10 percent tolerance meaning that thosefees cannot increase by more than 10percent in the aggregate at closing ifyou select a service provider that isnot on your lenders approved list thisfigure can change without a tolerancelimitation other fees quoted also carrya 10 percent tolerance for adjustmentthese include recording fees and othertaxesthe third page of the loan estimateenables you to compare the terms andfees of this mortgage with otherpotential loans this section will showyou how much interest compared withprincipal you will pay in the first fiveyears of the loan the table also showsyou your annual percentage rate or APRas well as the total percentage ofinterest you'll pay over the life of theloan the loan estimate will provide youwith other important terms of your loanincluding your rights to receive a copyof your property appraisal whether thisloan can be assumed by another personwhether you are required to purchasehomeowners insurance your lenders policyfor late payments or refinancing andwhether your lender will keep ortransfer your loan you may need toconfirm receipt of the loan estimate atthe bottom of page 3 depending on lenderrequirements keep in mind that this doesnot bind you to the loan before yourtransaction closes you'll receive theclosing disclosure which will provideyou with final closing costs and loanterms you can compare these twodocuments to ensure that your finalfigures do not exceed legal tolerancelevels if you have questions regardingyour loan estimate you'll find yourlenders contact details on the topportion of page 3 with...