By Jason Boone
BEND – This week the Real Estate and Mortgage Industries learned that the new TRID rules, or TILA-RESPA, as it’s known in some circles, will be delayed until October 1st 2015.
If you’re not familiar with TRID and how it will affect you, especially if you’re planning on buying Bend Oregon Real Estate, here’s a breakdown of what you can expect from TRID.
New Mortgage Forms
Thanks to TRID you can expect new mortgage forms from your lender which will explain the lenders loan estimate including their loan closing.
With the Loan Estimate Form being combined with the Good Faith Estimate form you can expect easier to read and understand information about your mortgage loan including certain key features plus possible risks you could encounter at the beginning of your mortgage.
No More Unreasonable Fees
With the start of the TRID rules every lender cannot charge an “unreasonable” fee for your consumer credit report until you’ve received your loan estimate and have given the lender your approval to proceed.
Lenders will have 3 business days to provide you with the loan estimate form once you have applied for a mortgage loan.
It’s also important to know that with the Closing Disclosure form and Truth in Lending statement you will receive a more detailed account of what to expect from the entire Real Estate transaction including the terms of your loan, fees plus closing costs.
Buy Bend Oregon Real Estate
If you plan on buying a Bend Oregon home now is a great time to buy because, once we reach October 1st 2015 the TRID rules could make it more difficult to buy a home and there may delays as the result of these new rules for some home buyers.
To learn more about TRID rules or buying Bend Oregon Real Estate contact me today by CLICKING HERE or calling (541) 383-1426.