Mortgage Process
 Step
2
Initial Approval
Once your application has been completed, I will
have the necessary information to give you an initial approval.
This approval may contain certain conditions that must be met before
a final loan approval can be given to you. Conditions may include
items that I must take care of, as well as the streamlined documentation
that I will need for you to provide.
At this time you will also receive important loan disclosures from
me. Some common disclosures include the following
|
| |
Good Faith Estimate
(GFE) – this is an estimate provided to you that details
closing costs and fees required to close your loan, such as points,
related fees and costs for third-party services, such as a title search
and an appraisal. |
| |
|
| |
Truth-in-Lending Statement
(TIL) – this is a written disclosure of credit terms
and conditions for your loan. This document will include the finance
charge, annual percentage rate, total payments, amount financed and
other charges or estimated charges to be incurred in your loan transaction
as required by the Truth-in-Lending Act. |
| |
|
| |
Federal & State Disclosures
– you will also receive specific loan disclosures that are required
by the federal government and are specific to the state where your
property is located. |
| |
