The new regulations that will take effect on October 3rd are set up to help loan shoppers compare loans.
What does this mean for the average borrower? Not much for anyone who is first time into the mortgage and real estate market..or anyone who hasn't done anything for a long time. Because they won't have the oldway of doing thing to compare it to.
The meat of the change starts at the beginning of the loan process. The lender will be required to giveyou a Loan Estimate within 3 days. The best time to get these estimates is at the very beginning of the process...even before you find the home. Then pick your lender. After you get a Loan Estimate on a specific property, you will have 10 days to commit to the lender. However if you shop multiple lenders after there is an accepted offer, the process of closing the home on time could really be in jeopardy. That is why it will be critical to do you comparisons early.
The second big change is the important requirements of the rule means that you’ll receive your new, easier-to-use closing document, the Closing Disclosure, three business days before closing. This will give you more time to understand your mortgage terms and costs, so that you know before you owe.
Giving you three business days to review your Closing Disclosure before you sign on the dotted line is designed to protect you from surprises at the closing table. It also gives you time to consult with your Realtor (me), lender, accountant and/or lawyer and ask all the questions you might have about the terms of your mortgage. However, the numbers are required by law to match those of the Loan Estimate that you will have received much earlier in the process. So basically it is 3 days to compare those numbers to the estimate already received (which you should already have gone over with your Realtor/Lender/Accountant/Lawyer) and to schedule a time to meet with the escrow officer.
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