Mortgage Loan Disclosures


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Applying for a mortgage usually means you will get a blizzard of paperwork to sign.

Many of these papers are “disclosures". These are often mandated.

Important disclosures include:

credit score information disclosure

good faith estimate

equal credit opportunity act disclosure

The credit score information disclosure lets you know what your credit scores are. These are typically ratings given to you by the three different credit bureaus. This can be the basis for understanding your credit and starting the process of working on your credit if there are issues.

Good Faith Estimate

A good faith estimate is an estimate of a range of closing costs involved in getting the loan, including:

escrow company
title company
hazard insurance company
government fees
other fees
It is important to remember that these costs are just estimates. They can change. It is an “estimate" of mortgage costs, not a guarantee.

The equal credit disclosure is an anti-discrimination disclosure.

There are numerous other disclosures, but the ones of interest to most potential borrowers are the good faith estimate and the credit disclosures. These are the ones with the potential to have a direct impact on people's financial results.

Other disclosures include authorization to check credit, verify employment status, assets, income documentation, and other pertinent information.

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