mortgage disclosure requirements

Mortgage disclosure requirements are rules that ensure borrowers receive important information about their loan’s costs and terms before committing. Lenders must provide clear disclosures, such as the Loan Estimate (within three days of application) outlining interest rates, monthly payments, and closing costs, and the Closing Disclosure (three days before closing) confirming final terms and costs. These disclosures help consumers compare offers, understand their obligations, and make informed decisions. The goal is to promote transparency, prevent surprises at closing, and help borrowers grasp the financial implications of their mortgage.