The mortgage and real estate closing process changed on October 3rd of this year, and the Consumer Financial Protection Bureau (CFPB) has created a website dedicated to helping homebuyers understand and navigate the new process. The Mortgage Bankers Association (MBA) has created a page as well. The HUD-1 Settlement statement, which use to be sued in almost every real estate transaction, will no longer be used.
As a REALTOR®, I will make sure my buyer clients understand the changes and the new requirements so that they can secure the best possible mortgage loan for them and enjoy a stress-free closing. For the most part, some forms have been changed and the dates with which certain documents have to be submitted has changed.
While I am always at my buyer client’s disposal, obtaining a mortgage is really a transaction between the homebuyer and the lender. The CFPB’s site mentioned above, Owning a Home, provides information regarding shopping around for the lowest interest rates, differentiating between the different types of loans, understanding what your monthly payment will be, and even a closing checklist.
If you are a potential homebuyer and you want to consult with a REALTOR® regarding the new mortgage acquisition and closing procedures, please feel free to reach out to me via my contact page. I am here to help whether you ultimately become my client or not.