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!
Author:Darik Steinbach 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.
View our latest blog posts in your RSS reader. Click here to access.
A home is not a home because of its room dimensions or the color of the walls. It is about how you feel when you walk through the front door, and the way you can instantly envision your life unfolding there.
This is about more than real estate. It is about your life and your dreams.
How Long Should You Live in Your Home? 6 Signs It's Time to Move
Thank you for spending the time in getting me into my new home! And for putting up with apprehensive me during the process. I am happy in my new townhome and although still getting settled in, I am enjoying it. Again, thank you for your knowledge of knowing how to put it all together with selling & buying. Everything worked as you said it would!