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Mortgage FAQ's

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What is the new loan estimate (LE)?

The new loan estimate (LE) replaces the good faith estimate (GFE) and the initial Truth-in-Lending disclosure (TIL). The LE provides borrowers with clearer information on loan terms and estimates of loan and closing costs. This will facilitate comparison shopping. It will be provided to the borrower within three business days after they have submitted their mortgage loan application.