The mortgage process has been changed!!
The changes should make it easier for buyers to compare mortgage products between companies and will also clearly lay out all fees.
Buyers will now receive a Loan Estimate Form which spells out the terms of the potential loan, including interest, rate, fixed versus adjustable etc, and whether these numbers can change. It will also breakdown your estimated closing costs.
Another major change is that your closing disclosure statement now has to be given to buyers at least three days before the closing. This ensures that on the day of the closing - nothing can change.
This also means that no final adjustments can be made with the seller. An important side note as walk thru's in Hoboken/JC and my market area typically have been done on the morning of the closing.
Agents, buyers and sellers, will need to get used to doing this final inspection a week before the closing which could mean that sellers will need to move out the property earlier so that the inspection can be done.
Here is a CNNMONEY article outlining the changes along with links to the forms so you can see what they look like.
Questions? Comment below!
A Hoboken and Jersey City Real Estate Blog by Karina Abad, realtor at Keller Williams Towne Square. Real estate market news, condos, homes and brownstones, buying and selling tips and local community info.
