The Know Before You Owe mortgage disclosure rule replaced four disclosure forms with two new disclosures, the Loan Estimate, and the Closing Disclosure. The new forms are designed to be easier to understand and to use. The rule also requires that you get three business days to review your Closing Disclosure and ask questions before you close on your new mortgage.
Mortgages are complex and can be confusing. Below are several resources to help you as you navigate the mortgage process.
The Loan Estimate makes it easier to shop and compare loan offers. The Loan Estimate is a three-page form that you receive after applying for a mortgage. The Loan Estimate tells you important details about the loan you have requested. The form provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan.
Loan Estimate Sample >
The Closing Disclosure is designed to help you avoid costly surprises at the closing table. The Closing Disclosure is a five-page disclosure form that provides final details about the mortgage loan you have selected and are preparing to close on. It includes the loan terms, your monthly payments, and how much you will pay in fees and other closing costs to get your mortgage.
Closing Disclosure Sample >
This set of tools and resources guides you through the process of getting a mortgage. It will help you explore your readiness to buy a home, preparing a budget, understand loan options, and prepare you for closing.
Buying a House >
This set of tools and resources guides you through the process of getting a mortgage. It will help you explore your readiness to buy a home, preparing a budget, understand loan options, and prepare you for closing.
Your Home Loan Toolkit >
