Starting on July 30, mortgage lenders have new disclosure rules to be concerned about. Mortgage lenders will have to be more transparent about the total costs of a home mortgage loan, providing consumers with more information to make better-informed decisions. The Boston Herald reports on some of the new mortgage loan disclosure rules:

The new Federal Reserve guidelines require lenders to disclose estimated mortgage costs within three business days of receiving your loan applications.

Required disclosures include Truth-in-Lending Act calculations (a breakdown of your mortgage’s monthly and overall costs), as well as an annual percentage rate (APR) for the loan.

In addition, mortgage lenders can only charge credit check fees prior to the disclosures. None of the application fees, origination fees or other fees can be charged until mortgage loan disclosure has been made. Mortgage lenders also have to provide a seven-day waiting period before the loan closes so that you can be sure that you are satisfied that the mortgage loan is right for you.