How will the New TRID effect buyers in the Sedona Real Estate Market
Buyer BEWARE and do your Due Diligence because of the new TRID (Truth in Lending Act) passed on October 1, which are new closing disclosures mandate by the feds. So NOW when you buy a Home anywhere in the Countyr, not only in the Sedona Real Estate Market, Lenders must now provide a new disclosure form explaining the loan estimate to the home buyer within three business days of applying for a loan. This new disclosure form combines the Good Faith Estimate (GFE) and the Truth-In-Lending disclosure in a MUCH shorter form to make it easier for the consumer to understand the mortgage loan’s key features, costs and risks from the beginning. Also, the lender must now provide a new loan closing disclosure within three business days of the closing date. All timelines on the new forms are mandatory. For buyers it gives the right to review their closing disclosure statement at least three days prior to the actual closing date. For sellers this means possible last-minute delays in the closing date if the closing statement is not delivered on time. Due to the new timelines and processes with TRID, most lenders are now cautioning that loans which had previously closed in 30 days may now take 45-60 days. With the mandatory TRID disclosures and timelines it’s critical that lenders, real estate professionals, and borrowers work closely together to keep things on track. For all your Sedona Real Estate questions, you can call, text, or email me. And of course, please visit my website at www.barbarabakerrealty.com
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