If you are thinking of buying a home in the next few months and you will be obtaining a loan then be aware that the lending process is changing as of October 3, 2015.
Here are 5 Tips to a successful closing with TILA (Truth In Lending Act)
Tip #1 – Know The Basics of TILA
An explanation about TILA
- Simplifies mortgage disclosures forms
- Helps the consumer better understand the process and their options
- Make loan comparison easier
- Helps prevent last minutes surprises at the settlement table or in escrow
Tip # 2 – What A Realtor Should Do Before Making Or Accepting An Offer
We ask the important questions such as:
- Do you have all of my buyers documents have been received?
- Will the approval of the loan be subject to anything? If so what is it?
Tip #3 – More Than One-Week BEFORE Closing, We Suggest Negotiating Any Credits Or Changes To The Contract (This Is Critical)
- Realize ANY changes to the purchase contract /transaction may require:
- A new disclosure(s), new signature(s) or underwriting review
It is important to note any changes can add extra days before loan documents can be sent to escrow.
Tip #4 – We Suggest Working With Lenders You Can Easily Call And Get A Straight Answers!
- If your lender doesn’t know the answer to your question?
- Do they follow- up quickly?
- Does your lender understand the real time-line on your loan process?
If you don’t have a lender we can make recommendations, because working with your lender, escrow, title, will take on a whole new meaning after August 1, 2015.
Tip # 5 – We Make Sure Our Clients Are Prepared
We help create less stress and a successful closing with our new buyers. By recommending a lender who has a home loan completion checklist for our clients to follow.
The best advice we can give is be prepared if you are obtaining a loan for your next home purchase!
If you have any questions about the current real estate market in your neighborhood or curious of the value of your home, give us a call 619-980-2738 or 629-851-4084