New Disclosure Rules

New Disclosure Rules

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New mortgage disclosure rules could change rhythm of closing process

Shopping for a new home now? Or planning to go house hunting this spring? You will want to pay attention to some new mortgage disclosures that rolled onto the scene beginning this month. 

The goal is to protect consumers from taking on too big of a mortgage, rushing into a loan before they understand the real cost or signing documents without realizing they’re agreeing to some cumbersome conditions.

It’s designed to bring the prospective home buyer into a better position to understand the whole transaction. They were created to be easier to read and give consumers more information up front about the home buying process. Three key features are: 

 

• A lender now must provide you a loan estimate form within three days of receiving your application. 

• Consumers must receive their closing documents at least three days before closing so they have a real chance to review the paperwork.

• Consumers can do more research online before shopping for a house or mortgage.


Buying or selling should be an easy process!


Darik Steinbach Headshot
Author:
Phone: 952-239-4290
Dated: October 20th 2015
Views: 183
About Darik: I have been selling residential real estate in Minneapolis full time for 10+ years. I constantl...

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