Disclosures
s
s
 |
 |
 |
 |
 |
Understanding Your Disclosures
Disclosures are documents that allow you to compare and estimate your loan closing costs. They consist of two
documents, the Truth-In-Lending and Good Faith Estimate.
The Federal government requires that every loan customer receive these documents in a specific format. You will
receive your disclosures within a few days from the receipt of your application at the mortgage lender.
These documents are purely for informational purposes. Feel free to review them but keep in mind you do not have
to sign and return them to the lender. You will continue to see updates of these documents throughout the loan
process. You may also receive a copy of the estimate from the lender you select as well.
Because many people find understanding their Truth-In-Lending and Good Faith Estimate to be confusing, we have
provided sample versions of these documents along with explanations of the areas that we have found are most
important for our customers. If you have any further questions after reviewing our explanations, please contact:
Cohen Financial Team.
Good Faith Estimate
The Good Faith Estimate is the written estimate of the settlement costs that the borrower will likely have
to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), it is required by law that
you receive a Good Faith Estimate form from your mortgage lender within three days of applying for a
loan. These settlement costs disclosed in your Good Faith Estimate cover every expense associated
with a home loan, including inspections, title insurance, taxes and more. You'll find a summary of
possible Cohen Financial Group closing costs. Additional costs may apply depending on your state, on
your loan product and the amount of your down payment amount. For instance, title companies handle
most closings; however, there are some states that require an attorney to conduct the closing. In those
states, borrowers are obviously not required to pay a title company closing fees. For more information
regarding Good Faith Estimates or any other questions, feel free to call 1-888-803-7334 to talk with a
Cohen Financial Group Mortgage Expert today.
Disclosures are documents that allow you to compare and estimate your loan closing costs. They consist of two
documents, the Truth-In-Lending and Good Faith Estimate.
The Federal government requires that every loan customer receive these documents in a specific format. You will
receive your disclosures within a few days from the receipt of your application at the mortgage lender.
These documents are purely for informational purposes. Feel free to review them but keep in mind you do not have
to sign and return them to the lender. You will continue to see updates of these documents throughout the loan
process. You may also receive a copy of the estimate from the lender you select as well.
Because many people find understanding their Truth-In-Lending and Good Faith Estimate to be confusing, we have
provided sample versions of these documents along with explanations of the areas that we have found are most
important for our customers. If you have any further questions after reviewing our explanations, please contact:
Cohen Financial Team.
Good Faith Estimate
The Good Faith Estimate is the written estimate of the settlement costs that the borrower will likely have
to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), it is required by law that
you receive a Good Faith Estimate form from your mortgage lender within three days of applying for a
loan. These settlement costs disclosed in your Good Faith Estimate cover every expense associated
with a home loan, including inspections, title insurance, taxes and more. You'll find a summary of
possible Cohen Financial Group closing costs. Additional costs may apply depending on your state, on
your loan product and the amount of your down payment amount. For instance, title companies handle
most closings; however, there are some states that require an attorney to conduct the closing. In those
states, borrowers are obviously not required to pay a title company closing fees. For more information
regarding Good Faith Estimates or any other questions, feel free to call 1-888-803-7334 to talk with a
Cohen Financial Group Mortgage Expert today.
Truth IN Lending
Disclosure Statement
Good Faith Estimate
Disclosure Statement
Good Faith Estimate