Boca Mortgage Blog

Don't Wait Until Settlement Date To Become Informed

June 16th, 2014 1:13 PM by Leonard Silvestri

                              

  Refinancing or purchasing can be stressful, even when you keep focused on the end result. While it is true that the end game is the settlement date, this does not mean that you should blindly wait until that date before researching the process. The article below goes into detail about ways in which you can prepare for settlement so that nothing comes as a surprise.

Beginning in August 2015, the settlement process will be tweaked by new CFPB rules, said Sam Gilford, a spokesman for the CFPB. Called “Know Before You Owe,” the regulations include simplified loan estimate forms and closing disclosures. The loan estimate form, which will replace the Good Faith Estimate, will be given to consumers within three days of submitting a loan application. Three days before the closing, consumers will get the new closing disclosure form that replaces the Truth-in-Lending and HUD-1 statements.

Read More At Washington Post
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Posted by Leonard Silvestri on June 16th, 2014 1:13 PM

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