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By the end of the Review phase, we’ll be going over your first official loan documents, also called initial disclosures. We didn’t come up with that name ourselves, and when it comes to terms like this, the mortgage industry is not doing anyone favors. So let’s break it down.
Initial disclosures are your first look at your loan as it currently stands, including rate, loan term, down payment, etc. They’re called disclosures simply because they’re disclosing, or reporting details. The word “initial” simply notes when in the process you’re receiving them. You’ll also have closing disclosures later in the process.Note: Disclosures are standardized forms, like tax forms, so they’ll look the same with any lender you work with.
What’s the deal with all the documents you ask? Simply put, disclosures prevent surprises. They’re our moment to check in and make sure everything looks good. We can’t move forward until everyone is in agreement—and this is a good thing. The last situation we want is getting to the closing table and not liking the loan terms, or not having enough cash to close, if any.
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There are two documents in your initial disclosure package—your Loan Estimate, and a review of national and local rules and regulations from our legal team. Thrilling stuff!
The five main sections of this document include your loan terms, like interest rate, your projected monthly payments, estimated costs at closing, a section for comparing to other Loan Estimate documents, and a “miscellaneous” section called other considerations.
We’ll walk through this together—feel free to schedule an appointment with your loan team! And if the mortgage industry ever wants to rename initial disclosures, we’re ready and waiting.
All loans are subject to underwriting or investor approval. Some restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines and products subject to change. Rates and terms may vary depending upon risk analysis, collateral, and other factors. Call 844-645-6937 for details and qualifying information.
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