On October 3rd changes were made in the mortgage system. These changes were made to help the consumer have a better experience and make the cost more clear.
As a result the process has lengthened.
For example: Once you confirm receipt of the closing document (CD), the closing can take place 3 days later.
What do the changes mean to our buyers and sellers?
For our sellers:
- Expect to see longer financing and appraisal contingencies. We are also expecting a longer time period before we close.
For our buyers:
- When you are close to placing an offer on a home, that is the time to start supplying your lender with the necessary paperwork to start the loan process.
- Communicate with your lender throughout the process in order to keep the process moving.
If you are starting your home search I would encourage you to read the following link:
http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
I have also attached some great information from John Hendley of Guaranty Mortgage.
In the interim if you need help buying or selling a home in the North Georgia, North Atlanta, or Lake Lanier area, give The Wells Team a call. www.randywellsteam.com
Comments(0)