Just wanted to congratulate Mandie Sullivan on closing on 3 homes over the last month… and for having 2 more scheduled in the coming two weeks… Great Job! I will add that one deal has been delayed until the end of the month… seems the wife had no choice but to give birth Thursday! Today’s closing therefore was postponed… Of course, CONGRATULATIONS to the new parents of a 7lb 11oz baby boy!
Daily Archives: July 24, 2009
Home Protections Take Effect: Make sure your lender does these things…
There are new Federal consumer protection rules that take effect July 30, 2009 affecting those applying for a loan to purchase a primary or secondary home, or if you are refinancing.
It’s not been given a lot of publicity, so if you are considering making a purchase and getting a new loan, or possibly refinancing an existing loan you need to pay attention.
The highlights are as follows:
The lender must provide or mail an initial Truth In Lending disclosure within 3 days after receiving the borrower’s loan application.
Lender’s must deliver or mail a finalized Truth In Lending disclosure statement at least 7 business days before closing on the property.
If the annual percentage rate (APR) increases more than 0.125% the borrower must receive a revised Truth in Lending at least 3 business days before closing. What could cause your APR to change? Several possibilities. If you allowed your initial interest rate on the loan to float with the market but rates increased, or if the lender got inaccurate estimates of costs from a third-party participant in the transaction such as the settlement company.
