Step by Step For Getting A Loan
When a person applies for a loan, and six pieces of information include:
1- Name of the borrower
2- Borrower's income
3- Social Security number
4- Address of the loaned home
5- The value of the home
6- The amount of loan requested
To the Loan Officer, the Loan Application Form is legally formed. The lending company is obliged to send the Loan Estimate form along with the legal forms (Disclosures) to the loan applications within a maximum period of three days. This can be sent by mail or email or fax.
The loan applicant also has three days to sign the Loan Estimate form. Signing the Loan Estimate form does not create any obligation for the loan applicant and by signing this form, his loan file will be processed. The initial Loan Estimate form must be signed if there is a problem so that Lender can send his second form to the loan applicant.
The recipient can request a change to this form in later versions. This Loan Estimate form can be modified indefinitely until the Closing Disclosure is issued. When the Closing Disclosure form is issued, the Loan Estimate form will be removed.
There is no time limit for correcting Loan Estimate, but for each change in the Closing Disclosure, the borrower must be given three days to study.