Starting October 3rd, home buyers who wish to apply for a mortgage will receive a new rate and fee quote forms from their respective lenders. Lenders are required to deliver it to buyers twice, which are bound to be implemented at the beginning and the end of the loan process.
This part of the federal mandate goes by the name TILA-RESPA Integrated Disclosures or TRID. As these changes to the home-buying process are set to take effect next month, it puts those in the mortgage industry wary of its inefficiency and those in search for their dream home slowed down in the buying stage.
However, these rules are actually set in place to make it easier for buyers to understand the entire process, while safeguarding them from surprises brought about by unexpected costs. It also aids in giving financial security to the economy and a smooth-running profession for agents, lenders and title professionals alike.
This extra time indeed defines the thin line between a seller accepting or rejecting an offer, hence it is essential to know ways on how to optimize your timing to be able to write offers that have an edge in closing faster than competing buyers.
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