Peoples Choice Home Loans Disclosures

During the course of the loan process you will receive several disclosures from us.  The various state and federal laws require that lenders make you aware of certain costs and potential dangers before money is received or before you sign for your loan.  In reality this is just good business for all involved in the loan process.  Some disclosures listed below may not be given for all types of loan programs. Like wise some disclosures not discussed below may also be administered.

Written Disclosure Before Fee Acceptance

Before we accept any fees from you for such things as your application fee, we will give you a disclosure describing the approximate amounts of these fees.  In addition, we will let you know which fees are refundable if any and under what conditions.  We will also let you know what part of the fees apply to the items payable in connection with the loan.  For the application fee, we will explain the specific services covered for this fee.

Good Faith Estimate and The Truth-In-Lending Disclosure Statement

These two disclosure statements will be sent to you after your application is taken and your credit report is received.  These documents provide you with estimates of the total costs associated with your loan and the loan terms.

Foreclosure Disclosure

For specific loans with in 24 hours of funding the loan, we will disclose to you in writing that failure to meet every condition of the mortgage loan may result in the loss of your property through foreclosure.  

The HUD-1 Settlement Statement

The HUD-1, also known as the settlement statement, is a prescribed form from the U.S. Department of Housing and Urban Development (HUD). This form itemizes all actual charges imposed on the borrower and all charges imposed on the seller in connection with the settlement of your real estate transaction.

The HUD-1 is filled out by the settlement agent who will conduct the settlement. The fully completed HUD-1 Settlement Statement generally will be delivered or mailed to you at or before the settlement. In cases where there is no settlement meeting, the escrow agent will mail you the HUD-1 after settlement.