Effective October 3, 2015, the Consumer Financial Protection Bureau (CFPB) issued a new rule that combines mortgage disclosures previously established by the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into a single rule. This change has resulted in longer closing times for new mortgage loans, often up to 45 days, as opposed to the 30-day closings of the past.
This change means if you want to enjoy Thanksgiving in a new home your loan should close no later than the 2nd week of November… and that means the time to start looking for that new home is now!
If you are considering a new home for the Holidays, please contact me. I’ll be happy to provide you with a list of homes meeting your criteria as well as frequent updates when something new is added to the MLS.
And remember, if you are purchasing a home my services are free to you, the buyer.