Victoria and Brian Vaillancourt 208.661.9238
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 .
SPOKANE AND EASTERN WASHINGTON:
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
COMMON SENSE HOME INSPECTION (Spokane Inspections)
GRIFFIN SPECT HOME INSPECTIONSS LLC
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