Question

A document that consolidates the former Good Faith Estimate and the preliminary Truth in Lending Disclosure that must be given to a buyer no later than three days after he or she applies for a loan. It enables the buyer to compare key information about lenders including interest rates, closing costs, and monthly payments.

A. Deed of Trust
B. Adjustable Rate Mortgage (ARM)
C. Home Inspection Report
D. Loan Estimate

Answer 1

The document that consolidates the former Good Faith Estimate and the preliminary Truth in Lending Disclosure that must be given to a buyer no later than three days after he or she applies for a loan is called the Loan Estimate.

Step-by-step explanation:

The document that consolidates the former Good Faith Estimate and the preliminary Truth in Lending Disclosure that must be given to a buyer no later than three days after he or she applies for a loan is called the Loan Estimate. It provides key information about lenders including interest rates, closing costs, and monthly payments, allowing the buyer to compare different lenders.