What is the minimum number of business days a borrower has to accept the estimate of charges on the Loan Estimate?

The correct answer is that a borrower has a minimum of 10 business days to accept the estimate of charges provided in the Loan Estimate. This timeline is established to ensure that borrowers have sufficient time to review and consider the fees and terms associated with the mortgage loan before making a decision.

This requirement is in place to promote transparency and allow borrowers to compare different loan offers without feeling rushed. The Loan Estimate is a crucial document, containing important financial details such as estimated monthly payments, interest rates, closing costs, and loan terms, which the borrower needs to make an informed decision. By having a minimum of 10 business days, it protects borrowers from potential pressure to accept the terms hastily.

The other choices reflect shorter time periods, which may not provide borrowers adequate time for such critical financial decision-making. A period shorter than 10 business days could lead to rushed decisions and potentially unfavorable loan outcomes for the borrower.