payment and other estimated closing costs?
When you receive a LE, the lender has not yet approved or denied your loan application. The LE shows you the loan terms the lender expects to offer to you. When you move forward, the lender will ask you for additional documentation.
PROCESSING: INTENT T G: INTENT TO PROCEED
When you are done shopping around and have decided which lender they would like to work with, you retrieve the Loan Estimate (LE) from the lender and start the next step. Working with the loan officer you sign all the loan disclosures, the Loan Estimate, and the “intent to proceed.” The "intent to proceed" evidences that you are interested in obtaining a loan from that particular lender. It does not commit the prospective buyer to get a loan from that lender. It simply states that you have signaled intent to proceed with the lender’s loan process under the terms described in the loan estimate.
PROCESSING: RATE LOCK
The world of loans and mortgages is fast-paced, and interest rates can change at any time. A mortgage rate lock guarantees the interest rate of your loan for a specified period to protect you from rate hikes through your contractual closing date. In a purchase deciding when to lock needs to take in to account the expected closing date. So, if your target closing date is 30 days from the signing of the contract you may want to lock for 45 or 60 days to protect against unanticipated delays by the seller or you or perhaps the lender. Each lender typically sets mortgage rates once each weekday 31
Powered by FlippingBook