If you are buying or selling a home right now, you may have heard about new regulations that went into effect October 3, 2015. Pages and pages of government rules and ‘clarifications.’ But how will it effect your transaction?
In a very small nutshell – it will likely take longer to close once in contract. Lenders now have new disclosure regulations and minimum time frames to allow consumers ample time to consider their options prior to singing up for a 30-year mortgage. This means added timeframes to allow into the transaction.
Locally we have traditionally been able to close a deal within 30 days of entering into contract. This will now likely be more like 45 days. NOTE: This also means you will have to have a longer loan lock (45 instead of 30 days), which may cost a little more in fees to the bank (yay).
Interested in reading more? The CFPB has put together this handy toolkit, complete with calculators…have a read! OR, as always, contact me and I will put you into contact with a trusted lender who is trained in the new process and will streamline it for you!