Helping You Make all the Best Moves!

New Mortgage Disclosure Laws Affecting the Closing Process

Mortgage Disclosure Laws_John Welch Georgia Real Estate

If you are planning to buy real estate with financing after October 3, 2015, there are very important changes coming that could affect how quickly you can close with lender financing. It is referred to as TRID, which stands for TILA-RESPA* Integrated Disclosures. This material is intended to make rate and fee quotes easier to understand.

You will get a LOAN ESTIMATE disclosure before the lender can proceed to the next step (e.g. ordering the required appraisal). This must be given to you within three days of your application for the real estate loan. After that, the lender must have your INTENT TO PROCEED based on the loan terms.

If you are using regular mail, this could take 7 days on each step. It would speed up the process if you made sure your lender is set up to use electronic signatures. If you need a lender, our Keller Williams Alliance Partner, Kathy Vitali and her staff of Shelter Lending Services is ready to roll with esigs and is willing and able to help you through this process. She can be reached at 770-540-5566. Talk to her or the lender of your choice before you write an offer for real estate.

The second disclosure, the CLOSING DISCLOSURE, is similar to the Loan Estimate but with more detail showing who (buyer, seller, other) pays for what. This document must be provided to you at least three days before closing. Here again, electronic signatures will speed things up. Being prepared makes you a more attractive Georgia real estate buyer.

There is a well done detailed explanation at
http://www.zillow.com/blog/mortgage-disclosure-form-delay-184050/

*Which in turn stands for Truth In Lending Act – Real Estate Settlement Procedures Act [Don’t you just love these acronyms?].

2 Comments

  1. October 2, 2015    

    Both forms of loans are marketed for the same
    low-income consumers, and both could lure individuals
    in a routine expensive loans, of continual.

    • John Welch John Welch
      October 3, 2015    

      Hopefully the new procedures will make it easier for people to know what they are getting into. And they have three days to get advice if they need it.

Leave a Reply

Your email address will not be published. Required fields are marked *

Selling Your Home: Real Estate Marketing Plan

Selling Your Home: FREE Report

Sell Your Home Fast in Georgia GA Real Estate
Selling Your Home:
Learn the 9 Things Sellers Must Know Before Listing Their House on the Market
 
*Required

Ask John About Becoming a Real Estate Agent

Got a question about real estate?
Click the "Ask John" button above to ask now.

Our analytics reveal that many of our visitors are interested in becoming real estate agents. If you have a specific question about becoming a Realtor® I would love to hear from you.

Open House Events

Open House John Welch Georgia Real Estate

Open House: Sunday, June 12, 2016, 1PM to 4PM

Address:
3145 Cherbourg Court,
Marietta, GA 30062

Description: 4 beds | 4 baths | 2,755 sqft | $425,000 | Don't miss this opportunity! Three-sided brick home with fully finished basement in Dorset, a highly sought-after swim/tennis neighborhood with active homeowner's association. Lots of updates and upgrades - new windows, skylights, architectural roof, garage doors, keyless entry, professionally landscaped front with irrigation system, renovated master and upstairs bathrooms. Minutes away from historic Marietta, Roswell and Woodstock, public and national parks, Chattahoochee River, The Avenues of East Cobb, great restaurants and shopping. Learn more.


Open House in Marietta, Georgia

Open House: Sunday, Mar 6, 2016, 1PM to 4PM

Address:
4540 Hunting Hound Lane
Marietta, GA 30062

Description: 5 beds | 3 baths | 3,385 sqft | $350,000 | Exciting opportunity in fantastic East Cobb location, with award-winning schools, just waiting for someone to make this house shine. Lots of room for the money - 5 bedrooms, 3 full baths, large kitchen open to family room, sunroom usable year-round. Full basement with shop/workroom. Unfinished bonus room with stairs from garage area. Generous sized, gently sloping yard, space for gardening and plenty of parking. Best square footage for the money! Learn more.


03

Open House: Sunday, Jan 31, 2016, 2:00 to 5PM

Address:
445 Saddle Horn Circle,
Roswell, Georgia 30076

Description: 4 beds | 4 baths | 2,000 sqft | $369,900 | This 2000 square foot single family home has 4 bedrooms and 4.0 bathrooms. It is located at 445 Saddle Horn Cir Roswell, Georgia. The nearest schools are Hembree Springs, Elkins Pointe and Milton High. This home has beautiful golden hardwood floors throughout. The property has many beautiful trees, including a Magnolia outside the Breakfast Room bay window. Learn more.

Mortgage Rate Averages

Powered by GA Loan Rates