5 Tips A Home Buyer Needs To Know About To Have A Successful Closing With TILA

Jun 9, 2015

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

  1. Simplifies mortgage disclosures forms
  2. Helps the consumer better understand the process and their options
  3. Make loan comparison easier
  4. 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:

  1. Do you have all of my buyers documents have been received?
  2. 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)

  1. Realize ANY changes to the purchase contract /transaction may require:
  2. 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!

Such As:

  1. If your lender doesn’t know the answer to your question?
  2. Do they follow- up quickly?
  3. 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

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