Eastern Connecticut Mortgage Monday

In another 11 days, new regulations regarding disclosure of mortgage costs will kick in.

The Good Faith Estimate and the Truth In Lending documents are typically presented to applicants when they are completing their mortgage applications.  At McCue Mortgage every effort is made to provide as accurate a number as is possible at the time of application.  The new regulations require each lender to fine tune this effort even more so.   This is something that all real estate professionals, home buyers and home sellers need to be aware of.  If the Annual Percentage Rate that appears on the Truth In Lending statement at application differs by more than 1/8% the lender is responsible for providing a new TIL at least 3 business days and in some cases 6 business days before closing.  This will mean that in some cases if everyone is not VERY careful  a closing may get postponed until the time limits are met.

It is even more important that you work with a local lender who can prepare accurate numbers at application and not have these figures change at closing.  As more information is made available in the next week or so, I will share it with everyone.

Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil.  You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.

Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.