Know Before You Owe

“The CFPB’s Know Before You Owe mortgage initiative empowers consumers with the information they need to make informed mortgage choices. Under this initiative, the CFPB has consolidated the mortgage disclosures required under federal law in two new forms.

If you are applying for a mortgage on or after October 3, 2015, you will receive the new forms in most cases. The new disclosure forms are called the Loan Estimate and the Closing Disclosure.

  • The Loan Estimate is provided early in the mortgage process, within three business days of your application. 
  • The Closing Disclosure is provided at the end of the process, and you must receive it at least three business days before closing.

These new forms replace the old federal mortgage disclosures, known as the Good Faith Estimate, the HUD-1 Settlement Statement, and the Truth in Lending disclosures.”

This information provided by the Consumer Financial Protection Bureau (CFPB).  For more information about the October 2015 changes to lending procedures, please visit the CFPB’s Mortgage Initiative.

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