Real Estate
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6 Terms
TILA-RESPA Integrated Disclosure
A regulation that requires lenders to provide borrowers with clear and timely disclosures of loan terms and costs.
Know Before You Owe Rule
A rule that requires lenders to provide a Loan Estimate within three business days of receiving a mortgage application.
Loan Estimate
A document that summarizes key loan terms and estimated loan costs, provided to borrowers shortly after applying for a mortgage.
Closing Disclosure
A document that outlines the final terms of the loan and details the costs associated with closing, provided to borrowers at least three business days before signing.
Mandatory Disclosure Timeline
The required schedule for lenders to provide important disclosures to borrowers at key points in the loan process.
Attorney Review Period
A 3 business-day period during which borrowers can review the contract with an attorney and have the option to cancel or modify the agreement.
