Mortgage loan processing 45-60 days now

- There are big changes in how your mortgage will be processed. The new federal regulations means that for a while it could double the time to actually close on a home.

Few people are happy with new regulations, but for the most part lenders, realtors and buyers think they’ll like the new guidelines called TRID-RESPA. But there is a learning curve that realtors predict will push some mortgage closing dates out 45 to 60 days.

Getting a mortgage to finance your home is a long, detailed process that can move really quickly once the offer is made. It’s sometimes hard for the buyer to understand it all of that paperwork as it's so mired in legalese. Well TRID is should make the home buying process more clear.

Decatur realtor Jeffrey Hagy says that familiar HUD statement you get at closing will be gone and replaced by an easier-to-read document called a CD – or closing disclosure.  And here’s one of the best parts of this: There is no last-minute guessing any longer about how much you’ll owe at the closing table.

"That’s the greatest aspect of clarity in the new closing disclosure documents is that the case to close – what’s going to be wired from your checking account at the closing table – will be clearly stated in the new document," said Jeffrey Hagy of the Keller Knapp Oakhurst office.

Here are two more parts of TRID that will eliminate many of those awful last-minute parts of the closing process.  The walk-through of the home right before closing – the one where you the buyer OKs the seller's home repairs you’ve asked for. Well,  it can’t be done right before closing any longer. It will likely happen two weeks before closing. And finally, no more last-minute closing dates. You will by law get a three-day heads up for your closing date and time. If anyone needs to change that then it restarts the three-day clock.

The law went into effect October 3rd, but our realtor says not everyone is up-to-speed on the new rules. So if you are about to buy a home, ask the realtor, the mortgage company and the closing attorney if they are aware of just how TRID works.

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