In August 2015 we are going to see some major changes when it comes to disclosure forms related to buying and financing a home. Beginning on August 1st, 2015 any transaction involving a mortgage will require the use of a disclosure form created by the Consumer Financial Protection Bureau. The relationship between the mortgage lender and the closing agent will be a bit different when these changes take affect. The lender will be held liable if certain costs exceed tolerance levels that were set forth in the Truth in Lendinc ACT/RESPA integrated disclosure (TRID). Ultimately TRID disclosures will change the timing of transactions involving a mortgage.
This may seem complicated to the first time home buyer or a home owner looking to refinance. All you need to know is the professionals at Real Estate Experts will go above and beyond to make your life easier. We will explain each step of the process and will make certain the lender adheres to the new laws and regulations set forth by the federal and state governments. We always have our finger on the pulse of the changes in documents and forms. In the next few months we will keep you posted on any changes that may take place in the state of North Carolina.
When going into the home buying process remember to check NC Mortgage Rates and determine what home price is in your budget. Our North Carolina licensed real estate agents can help you find the home you are looking for as we will drill down into the specifics of your purchase potential. Reach out to use today to find out what amazing homes are available in Chapel Hill, Hillsborough, Chatham County and Durham.