I've heard about new 
mortgage loan forms. 
How will this affect me?

    If you'll be applying for a mortgage, it's good news for you. 
    The changes are part of the Consumer Financial Protection Bureau's "know before you owe" initiative. The feedback from borrowers has been positive, but, some real-estate people worry that new waiting periods will not please buyers. Here's a breakdown of the changes.
    Wall Street Journal analysts tell us that four documents have been reduced to two.
    The Loan Estimate, provided by the lender at the time of mortgage approval,  will replace the Good Faith Estimate and initial Truth-In-Lending Statement.
     The Closing Disclosure, provided by the lender just before closing, will replace the HUD-1 Statement and the final Truth-In-Lending Statement. 
    Lending experts say the Loan Estimate has dramatically changed, but the changes are very consumer-friendly.
    Customers can now easily tell whether the loan amount, interest rate, monthly payment, escrow sum, and the amount a borrower needs to bring to the closing (a new feature) have changed from the lender's initial estimates. 
    The Loan Estimate also itemizes all closing costs and notes which services a borrower can shop for, such as title-search company and pest inspector.
    The third page of the Loan Estimate includes information to help a borrower better understand the long-term costs of the loan. It looks ahead to what the borrower will have paid in principal, interest, mortgage insurance and other loan costs at the five-year mark.
    To help with comparison shopping, the Loan Estimate details the annual percentage rate (APR) so a borrower can put documents side by side and compare overall costs easily between loan products.