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Starting October 1, 2015

Changes in the Real Estate Closing Process For Buyers

"Know Before You Owe" is the moniker given to new lending documentation requirements coming Oct. 3. The Consumer Financial Protection Bureau created by the Dodd Frank Act has re-designed the process for informing consumers of the financial obligations and fees related to a mortgage. The Bureau has incorporated requirements under the current Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). In an effort to make closing documents easier to understand the CFPB has combined forms required under both acts. The new forms will be required for banks and title companies alike and should make it easier for borrowers to know exactly what they are paying for when borrowing money. Though there are may changes required by these regulations the one that consumers will notice most is the Loan Cost Estimate. This document needs to be issued before a loan application is completed and will address all costs associated with the anticipated loan. It is recommended buyer get several estimates. These estimates are only good for 10 days so time is of the essence when making your decision about where to apply for the loan. The documents you will see at closing will look just like the documents in your estimates and are intended to be much easier to understand than existing settlement statements. Realtors and consumers can see the forms and learn about the process atwww.consumerfinance.gov

 

How You Can Find Your Dream Home

by clicking on the links below   you will be able to search thousands of CURRENTLY ACTIVE LISTING .

NORTH IDAHO: 

http://www.cdarealtors.com/properties

SPOKANE AND EASTERN WASHINGTON:

www.spokanemultiplelisting.com/

 

    You'll feel like you've toured dozens of homes in just minutes!

Plus you will find much more  information about the Coeur d'Alene and Post Falls areas at:  http://www.cdachamber.com  or http://www.postfallschamber.com  and for Spokane at: http://www.spokanechamber.com

            

Here are some Home Inspectors that we have successfully recommended for our buyer clients:

NORTHERN LAKES INSPECTION SERVICE

Brian Martin

Cell:  208-818-2355

Email:  northernlakesinspection@gmial.com

 

COMMON SENSE HOME INSPECTION    (Spokane Inspections)

Brian Lehman

Cell:  208-868-3073

Email: commonsensespokane@msn.com

 

GRIFFIN SPECT HOME INSPECTIONSS LLC

Dennis Bognan

Cell:  208-664-9775

Email:  griffinspect@msn.com

       

 

 

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Last modified: 02/13/16.