The NEW Mortgage Process
The NEW Mortgage Process
There is a NEW Mortgage Process. Starting October 3, 2015, getting a home loan will change. This seems to affect mostly your loan disclosures and your estimate. These are the forms that will let you know what your loan interest rate and costs will be. These have been a bit complicated and now the lending industry is hoping that the “plain language” will make it more consumer friendly and easier to understand for any home buyer.
The changes will merge the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.
Unless you are buying ALL CASH, the 30 day escrows will be a thing of the past. Your transactions will now take 45-60 days. So when writing your offers, requesting a 60 day or sooner escrow period will now be the norm.
How will this affect your when you are buying your next Home and getting your next Home Loan?
Follow this informative and interesting “Tour the Home Buying Process” created by Bankrate.com. Click here for your Home Buyers Road Map.
