Approximately one month from now new rules known as TRID or “Know Before you Owe” will be going into affect that change the way the mortgage process has worked in the past. Whether you’ve bought and sold a number of houses, or have never purchased before here’s a quick outline of some of the new rules…
- The application process begins with a Loan Estimate
- You must indicate your intent to proceed before you are changed any fees
- You must receive your Closing Disclosure at least 3 business days prior to closing
- Changed circumstances may mean a revised Loan Estimate, Closing Disclosure, and an additional 3 days
Over the coming weeks I’ll be blogging a little more in depth about these topics. For now, if you have any questions about buying a home, including the mortgage process, please contact me.You or someone you know looking to buy or sell?