what are initial disclsoures and what form are included?

Initial disclosures is a packet about 35 to 50 pages, that disclose certain aspects of the loan, the rate, occupancy, compensation, costs, and soooo much more... in the good ole days, most of these disclosures didn't exist, and the few that did could be signed at closing, however with all this new legislation, and the CYA attitude, lenders require all this upfront.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714

When you apply for a mortgage loan, a lender is required to provide you disclosures that show you the cost, rate, and terms of your mortgage. These disclosures allow you to cost compare one mortgage loan with another if you are "shopping" around. Depending on your type of loan, disclosures can vary, but typically it is your Good Faith Estimate and Truth in Lending that is important for you to compare one loan with another. I am available at 515-669-4560 if you would like to discuss any of this in more detail.Danyel Peck

Iowa! My home state! The package of initial disclosures can be 35 to 50 pages depending on the type of mortgage. They do not obligate you to anything as the figures are based on the best estimates of home value, loan amount, closing costs, etc. Most lenders will overestimate the costs on the GFE since we are held to those figures with little room for increases at closing. Costs can always be lower at closing though.

They are designed to give you an overall estimate of the terms involved with you loan. Your Good Faith Estimate, Truth In Lending and Itemized Fee Disclosure are the 3 that will give you the necessry info to compare lenders.

Initial disclosures provaide information about the mortgage program you are applying for. See other answers on this forum.

It discloses your loan terms and all the fees associated with it. It is usually anywhere from 25 to 50 pages.

See Williams explanation.

The forms should comply with rules and guidelines under the RESPA and be issued within 3 days of application. Good luck