What about all the disclosures I get during the loan process
During the mortgage process, several disclosure documents are provided to help you understand the terms of the loan, your rights, and the costs involved. These disclosures are required by law and are designed to promote transparency and protect you as a borrower. Here’s a breakdown of the key disclosures you'll receive:
1. Loan Estimate (LE)
When: Within 3 business days of submitting a loan application.
Purpose: Provides a summary of the loan terms, estimated interest rate, monthly payment, closing costs, and other fees.
Key sections:
Loan terms (rate, type, prepayment penalty, balloon…
The skinny
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