A prospective borrower must be given a good-faith estimate of all specific closing costs when they apply for a mortgage.

Name: A prospective borrower must be given a good-faith estimate of all specific closing costs when they apply for a mortgage.
Brand: Quizplus
Rating: 4.8 (54 reviews)

Question

Quizplus · Accepted Answer

This is a requirement under the Real Estate Settlement Procedures Act (RESPA) to ensure that borrowers have a clear idea of the costs associated with taking out a mortgage before they commit to the loan.

A Prospective Borrower Must Be Given a Good-Faith Estimate of All