My loan officer says that I can’t apply for a mortgage loan and receive a Loan Estimate until I can provide a copy of a signed purchase contract, is that correct?
You do not need to have a signed purchase contract in order to apply for a mortgage loan and receive a Loan Estimate.
The Loan Estimate is a new form that went into effect on Oct. 3, 2015.
A purchase contract is a written contractual agreement between the buyer and the seller for the purchase of residential real estate. The Loan Estimate is a form showing the terms and costs for a mortgage loan that you would like to consider.
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