Did you know that after October 3rd, 2015 escrows are going to average 45 days? A little different than your traditional 30 day close. All the talk around the real estate industry is about this thing called TRID. The CFPB established new guidelines to protect you when buying a home!
What is it:
TRID is known as the TILA-RESPA Integrated Disclosure (TRID) Rule. This new rule will apply to all new loan applications after Oct. 3rd, 2015 benefiting new buyers with more time to examine closing documents to ensure all the numbers add up and there are no surprises!
Here is what you need to know:
1. There are two new loan forms making it easier to understand your fees
- the Loan estimate
- the Closing disclosure
2. You should plan on a 45 day close of escrow period
- And there is nothing we can do about it!
3. Cash purchases are not effected by the new changes
4. Same day closings will no longer be an option
- Have you ever sold a house and bought your new home closing on the same day? This will no longer be a viable option.
5. Make sure you are locking in your mortgage rate!
- Having a good relationship with your lender is vital to the new rules!
6. HIRE a professional real estate agent who is knowledgeable, that can guide you along the process!
- Why not? It's free when buying a home!
Call us if you have questions! We will find you the answers. A definition of a professional is knowing what you know, knowing what you don't know and knowing the difference between the two! This is very important! Talk to you soon!
Author:Stephen Cotton Phone: 623-236-5843 Dated: October 20th 2015 Views: 295 About Stephen: ...
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I have been buying, selling, fixing, flipping, auction bidding, and renting residential properties all over the Phoenix Valley since 2010 Those that I have worked with become clients for life. Let me show you why.