• Does your Estimated Total Monthly Payment match your expectations? • Are your estimated taxes and insurance, are or are not in escrow? • What are your estimated closing costs ? • Do you have enough cash on hand to pay your 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 the borrower is done shopping around and has decided which lender they would like to work with, they retrieve the Loan Estimate (LE) from the lending establishment and start the next step. Working with the loan officer you sign all 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.
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