It just got a little easier to navigate the complicated mortgage process.
New disclosure rules went into effect in the mortgage world Saturday that require lenders to provide home buyers two new forms that clearly detail their loan terms…
The rule, formally known as the TILA-RESPA Integrated Disclosure rule, reduces what used to be four forms from two different government agencies to two forms: the Loan Estimate and Closing Disclosure.
Here’s what buyers can expect:
Comparing different loans
Lenders have to provide potential home buyers a Loan Estimate form within three days of a submitted application.
The three-page form details the terms of a potential loan including: amount, interest rate and whether the figures can change after closing…
This article is from CNN Money. Read more at CNN Money here.
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