What to Expect:
This is the date that the borrower is disclosed the terms of their new loan. Signing these disclosures do not guarantee a loan and do not commit a borrower to going through with the loan. The government requires the lender to send these disclosures to the borrower with in 3 days of an accepted offer or with in 3 days of applying for a refinance.
We will not be able to proceed with the loan until these disclosures are returned to our office signed by the borrower. The most important of these documents are:
- The Good Faith Estimate
- Discloses the terms of the loan. (These terms are not guaranteed util we lock in your interest rate)
- The Truth In Lending Disclosure
- Discloses the terms of the loan. (These terms are not guaranteed until we lock in your interest rate)
- Intent to Proceed Disclosure
- Allows us to lock in your interest rate
- IRS Transcripts 4506 Disclosure
- Used to request your tax transcripts from the IRS
- Social Security Number Authorization
- Used to verify your social security number
- Borrowers Authorization Form
- Used to request your verification of employment & the IRS Transcripts
Ways to sign the Disclosures:
- In person: We recommend signing these disclosures in person so that your questions can be answered and we can talk about all the necessary requirements of the loan.
- E-signing: We can also email the disclosures to the borrower and allow the borrower to e-sign the disclosures via a computer.
- Fax: We can fax the documents to a fax number of your choice. Sometimes this can get costly as there are about 100 pages of documents to fax.
- Overnighting: We can overnight the documents to an address of choice.
This is the 2nd step in the home buying process. The quicker we can schedule the signing appointment the quicker we can get started on step #3
Next Steps:
After signing the disclosures we are able to move to order your appraisal and submit your loan to our fulfillment center.
Possible Delays:
- Disclosure Signing
- Each day we go with out signing the disclosures will be a delay in your final closing date. This can be one of the major times delays as we can not start the loan process until the disclosures have been signed.
- Document Checklist
- Not bringing in all of the documents that we have requested on your updated needs list could delay us from your loan closing. This is not normally the case however having the right documentation prior to your loan disclosure appointment will ensure a smooth closing.
These disclosures are required by the Federal Government on all purchase loans and refinances.
