The TILA-RESPA Integrated Disclosure rule went into effect on October 3, 2015. This “Know Before You Owe” mortgage initiative is designed to empower buyers with the information they need to make informed mortgage choices.
Mortgages can be complex and confusing. This new rule primarily does two things: It simplifies and consolidates some of the required loan disclosures, and it changes the timing of some activities in the mortgage process.
The Know Before You Owe mortgage disclosure rule replaces four disclosure forms with two new ones, the Loan Estimate and the Closing Disclosure. The new forms are easier to understand and easier to use. The rule also requires that you get three business days to review your Closing Disclosure and ask questions before you close on a mortgage.
If you are looking to purchase a new home, ask your agent or lender to help you understand the new process. If you are not currently working with an agent and would like some additional information on the new changes, please call Nikki Reagan at Cinque Terre Realty in Bullhead City at 702-493-0781 or visit her website at www.ReaganRealEstate.net.