Oregon 30-Hour Real Estate Law Practice Test

What must buyers receive along with their Loan Estimate?

1. A closing statement

2. A pre-approval letter

3. Details on property taxes

4. Information on the loan terms

The correct answer is: Information on the loan terms

Buyers must receive information on the loan terms along with their Loan Estimate because this document is designed to provide a clear overview of the key features and costs associated with a mortgage loan. The Loan Estimate includes crucial details such as the interest rate, monthly payments, and any fees or costs related to the loan. This information allows buyers to make informed decisions and compare different loan options available to them. It's important for the buyers to understand the terms of their financing up front so they can assess what they can afford and what the true cost of borrowing will be over time. This requirement helps ensure transparency and allows buyers to engage in a meaningful comparison of various mortgage offers before committing to a particular lender or loan agreement.