Loan disclosures are the legal documents that you'll be asked to sign throughout the process. You will have three sets of disclosures:
- Broker Disclosures: When invited by a broker, the borrower will sign to confirm the information they disclosed about you is true. it will also lay out your offer and provide helpful information. The borrower will need to sign these disclosures in order to update any changes that will be presented in the initial disclosures.
- Initial Disclosures: Once approved, the borrower will sign the initial disclosures that include all values verified throughout processing. This includes any changes made to the HELOC application; including, but not limited to; borrower personal information updates, loan amount updates, draw % updates, etc.
- Final Disclosures: These documents contain final terms and conditions and are signed at closing. A notary session will be setup for all borrowers and signers on the HELOC to complete these signatures.
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