Arizona Real Estate License Practice Exam

Question: 1 / 1505

How many days after a loan application must a lender provide a loan estimate disclosure?

3 business days from purchase contract

3 business days from close of escrow

3 business days from loan application

A lender is required to provide a loan estimate disclosure within three business days of receiving a loan application. This requirement is put in place to ensure that borrowers have timely and accurate information regarding the terms and costs associated with the loan they are seeking.

The loan estimate is essential for transparency, allowing borrowers to understand and compare the costs of various loan offers. This disclosure includes key details such as the interest rate, monthly payments, and estimated closing costs, empowering consumers to make informed financial decisions.

The timing is based specifically on when the application is received, ensuring that borrowers don't experience unnecessary delays in receiving critical information to aid their decision-making process.

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3 business days from approval

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