by ealberto | Jun 11, 2022 | Mortgages:
As this video explains, Federal laws put into effect in 2014 and supervised by the Consumer Financial Protection Bureau define lending practices and loan terms for a new category called “Qualified Mortgages.” They provide stable loan features for...
by ealberto | Jun 11, 2022 | New Homes
Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term ‘rate lock.’ A “Rate Lock” is a guarantee that a lender will honor a specific combination of...
by ealberto | Jun 11, 2022 | TRID
If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure form documenting the actual transaction terms and costs THREE business days before consummation. It must be in writing, whether paper or digital, and disclose...
by ealberto | Jun 11, 2022 | TRID
The first page of your Closing Disclosure documents: The Loan Amount – the total you will actually borrow The Interest Rate – which does NOT include the fees factored into the APR on Page 5 If this loan has a penalty for pre-payment or includes a...
by ealberto | Jun 11, 2022 | TRID
Page 4 of your Closing Disclosure is important. It is NOT just standardized form information that is identical for every loan. Review these terms: Assumption: can this loan be transferred to another person if you sell or transfer the property? Demand: can the...
