As we touched on the TRID (TILA RESPA Integrated Disclosures) laws – which will be in effect in two days – this Saturday, October 3 – earlier in the week, today we’d like to share exactly how it will affect all of you homebuyers out there.
So, what’s the short version of how TRID will affect you as a homebuyer?
Our American Dream Team Answer:
During your home closing process, there will now exist an entirely new set of documents that will need to be filled out and signed by both you and your mortgage lender. These should be easier to understand and are there to protect you from any predatory lending practices.
With TRID comes additional new regulations you also need to be aware of. For example: if for any reason you decide to change the type of loan product you want to use at the last minute – such as switching from an adjustable rate to a fixed loan – you must allow for three additional days to allow for a review of a new Closing Disclosure.
Generally, with TRID will come an extension of time during the closing process. Homebuyers will need to be patient and should have all of their paperwork filled out as early in the process as possible.
As always, our American Dream Team is here to help with any question you may have.