The new “Know before you owe” rule.

Good Afternoon everyone;

The home buying process will change starting October 3rd. Prompted by Dodd-Frank expect delayed closings, fustrated borrowers and confused real estate professionals. Buyers will receive mortgage forms 3 days prior to closings to peruse and examine before signing on the bottom line. This is due to correcting prior borrower ignorance who were signing docs with no knowledge of what they were signing. This law is in effect to help borrowers be more competent when it comes to mortgages and finance. Lenders have spent millions in technology to comply and the compliance involves everyone associated in a real estate transaction. Most are worried about technology snafus,some blips and closing delays. In the end it will work over time with a dedication to getting transactions done properly. Please call us with any questions.