October 02, 2015

New Mortgage Disclosures Begin Tomorrow

Know Before You Owe

Tomorrow the Know Before You Owe mortgage rule goes into effect, which is designed to simplify and improve disclosure forms for mortgages.  Two new forms will replace all previous forms:

Loan Estimate, given three business days after application

Closing Disclosure, given three business days before closing

These documents will help you understand the costs and terms associated with your mortgage, but remember that your lender and your whole team of experts are ready to help answer all your questions.

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