Are you buying a new home? Have you recently bought one? The purchase of real property is always a significant transaction. You are spending a sizable amount of money or entering into a contract for a sizable amount of debt. While you have given much thought to what you are going to do with the property – new paint, new furniture, put in a pool, perhaps – it's likely you haven’t given a second’s thought on what will happen should you experience a life-changing health event or worse. Well, why haven’t you? The purchase of real property is the perfect time to review your end-of-life and health care desires and needs. If you haven’t taken step one in managing these affairs, or it's been many
Making minor changes that affect information on the new Closing Disclosure generally will not require a new Closing Disclosure to be sent to the consumer prior to consummation. However, there are three occurrences that require the lender to provide a new Closing Disclosure to the consumer within 3 days. 1. If the A.P.R. becomes inaccurate 2. If there is a decision to change the loan product 3. If the lender adds a prepayment penalty Should any of the above occur, maintaining proper communication with your closing agent and lender will prevent delays and headaches by ensuring you have been provided the proper information well in advance of your closing so there will be no surprises.
It's going to be messy. It's going to take a while before the wrinkles are smoothed out. Closings may get delayed. Buyers and sellers might get unhappy. Even though the new system for closing on a real estate purchase that involves financing is designed to make life easier for the consumer, the myriad of issues has pushed back the start date until October 1st. The HUD-1 may have bought some time but its demise is getting closer. Be prepared! Loan Estimate (http://www.consumerfinance.gov/knowbeforeyouowe/) It's new! It's exciting! What is it? The Consumer Financial Protection Bureau has reworked the loan estimate a consumer will receive to aid them in understanding their loan terms, includ
Closing on a piece of property, whether as a buyer or seller, can be a stressful experience but it doesn't have to be. Simple preparation can make the transaction go smoothly and reduce any anxiety that you may have. Communication with your closing agent is vital to ensure that process goes the way it should. To avoid delays, there are a few items that you likely will need to bring with you should the closing be in person. 1. Valid Photo Identification In a typical transaction, you are expected to have two forms of identification. At least one of the following will be required: - A Valid Driver’s License or non-driver I.D., issued by any state. - A Valid Canadian or Mexican Driver’s License
