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Understanding Know Before You Owe

You may have heard about some major changes impacting the mortgage industry. Know Before You Owe (officially known as TILA-RESPA Integrated Disclosure rules) is a new set of regulations that standardize the closing schedule and ensure you completely understand the terms of your mortgage before you sign on the dotted line.

What Does This Mean for Me?

Know Before You Owe will have the biggest impact on your closing date. You must acknowledge receipt of your Closing Disclosure at least three days before your closing date. That gives you time to review the terms of your mortgage before closing. If you request changes to your Closing Disclosure, a new one must be issued, and another three-day review period will begin.

When you get a mortgage with Quicken Loans, we make this step easy. We’ll notify you when your Closing Disclosure is available to download. Then, all you have to do is sign in to your account and acknowledge that you received your Closing Disclosure.

How Can I Close Sooner?

We’re required to wait three days after you acknowledge receipt of your Closing Disclosure to close your loan. The sooner you acknowledge receipt of your Closing Disclosure, the sooner you can close your loan.

Be on the Lookout for These Forms

Know Before You Owe combines four forms from the old mortgage process into these two new forms that are easier to understand:

Loan Estimate

After you provide us with some initial information, like your name, income and estimated property value, we’ll send you a Loan Estimate within three business days. The Loan Estimate contains information about your loan, such as your closing costs and loan options.

Closing Disclosure

When you get a mortgage with Quicken Loans, we make this step easy. We’ll notify you when your Closing Disclosure is available to download. Then, all you have to do is sign in to your account and acknowledge that you received your Closing Disclosure.

Want to learn more?

Check out our ZingBlog article detailing the new guidelines.