Welcome to the 1st Step to your New Home Loan - Mortgage! We’ve put together some frequently asked questions about the new rule and how it will make the mortgage process easier for you. What happened? If you apply for a mortgage on or after October 3, our new disclosures are required for most mortgages. For most kinds of mortgages, you will have three business days to review your Closing Disclosure before you close. This rule is a part of our Bureau-wide Know Before You Owe mortgage initiative. We are working to make the costs and risks of financial products and services clearer, so you can make better, more informed decisions. What’s the rule? The Know Before You Owe mortgage disclosure rule, which was mandated by the Dodd-Frank Act, combines the required federal disclosures for most mortgages. It also requires lenders to give you your Closing Disclosure three business days before you close. This three-day period gives you time to understand the terms of your loan, compare it to the Loan Estimate you were given, and ask your advisors or lender any questions. What are the disclosures? The disclosures are forms that you get when you work with a lender to get a mortgage. These forms are required to help you understand the terms of your mortgage before accepting them. If you applied for a mortgage before October 3, 2015, you would have received a Good Faith Estimate and an initial Truth-in-Lending disclosure. Now, for most mortgages, you will get a Loan Estimate within three business days of submitting an application. At least three business days before you close, you will also get a Closing Disclosure. It contains a summary of the final terms of your loan. This form replaces the HUD-1 Settlement Statement and final Truth-in-Lending disclosure forms for most mortgages. The Rankin Mortgage Group, Paul D Rankin, 601 Bitters Road, Suite 105, San Antonio Texas 78216
Created By: K.A.C Owned by Paul D Rankin - Rankin Mortgage Group - New Home Loans, FHA Loans, VA Loans, USDA Loans, Refinance Home Loans, Conventional Loans, Military Home Loans, VA no Money Down Home Loans, The Rankin Mortgage Group, Paul D Rankin, 601 Embassy Oaks, Suite 105, San Antonio Texas 78216