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Credits and Loans

What Do the New Mortgage Rules Mean to You?

Buying a home should be an exciting time especially for first-time homebuyers. But, from finding the home of your dreams and securing financing, to actually signing on the “dotted line,” the process can be overwhelming.

Recently, the Consumer Financial Protection Bureau (CFPB) implemented two new mortgage disclosure forms and other rules to help make this process easier. Let’s take a look at what you can expect with these new rules and disclosures:

  • New Loan Estimate Form. Once you’ve applied for a mortgage loan, lenders must provide you with a Loan Estimate form within three days. On this form, you will be given specific details about the loan you’ve requested, such as the loan amount, rate, term and closing costs. Also, the form is now better designed to help you understand the loan information than previous forms.
  • Compare Loans. Using the Loan Estimate, you’ll have the opportunity to shop around for a more advantageous loan offer. Because these forms are standard forms, you’ll be able to compare the terms and conditions of your “estimated loan” with others easily.
  • New Closing Disclosure Form. Once you’re ready to close on your loan, you’ll be given a new Closing Disclosure form, which will outline everything about your loan. The information on this form should match the information on the Loan Estimate.
  • Time to Compare and Understand Information. In the past, you were only given 24 hours to review the documents prior to closing. Now, the new rules mandate that a lender give you three days between getting your Closing Disclosure form and actually committing to the loan. During this time, you have the opportunity to review the information provided, compare it to the Loan Estimate, and ask any questions you may have.

To learn more about the new mortgage rules, or to view the new forms, visit Additionally, if you have specific questions about the mortgage loans available at CharterBank, click here or call us at 800-763-4444.




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