Closing Disclosure Wait Periods

Navigating Closing Disclosure Wait Periods

for Mortgages

In the intricate process of acquiring a mortgage, there are several steps involved to safeguard the interests of both borrowers and lenders. One such measure is the implementation of closing disclosure wait periods. These mandated waiting periods are designed to provide borrowers with ample time to thoroughly review the mortgage terms and disclosures before committing to the loan.

Understanding Closing Disclosures

A closing disclosure, also known as a CD, is a detailed document that outlines the final terms and conditions of a mortgage loan. It serves as a crucial tool for borrowers to assess the costs associated with the loan, including interest rates, fees, and other charges.

Waiting Period Requirements

Under the federal Truth in Lending Act (TILA), lenders are required to provide borrowers with the closing disclosure at least three business days prior to closing. This waiting period is intended to give borrowers an opportunity to carefully review the document, ask questions, and seek clarification if necessary.

Exceptions to the Waiting Period

While the three-business-day waiting period is generally mandatory, there are certain exceptions in specific circumstances. For instance, borrowers may waive the waiting period if they demonstrate a bona fide personal financial emergency or if they have already received and reviewed the closing disclosure.

Implications for Borrowers

The closing disclosure wait period plays a vital role in protecting borrowers' rights and empowering them to make informed decisions about their mortgages. By carefully reviewing the disclosure, borrowers can identify any potential discrepancies or issues and address them before finalizing the loan.

Recommendations for Borrowers

To make the most of the closing disclosure wait period, borrowers are advised to follow these recommendations:

• Review the disclosure diligently: Carefully read through the entire document, paying close attention to the loan terms, fees, and other charges.

• Seek clarification if needed: Don't hesitate to contact your lender or mortgage broker if you have any questions or concerns about the disclosure.

• Compare with other offers: Use the disclosure to compare the terms of your mortgage with offers from other lenders.

• Consider seeking professional advice: If you feel overwhelmed by the financial aspects of the mortgage, consider consulting a financial advisor for guidance.

In conclusion, closing disclosure wait periods serve as a valuable safeguard for borrowers, ensuring that they have adequate time to understand the terms of their mortgage loans before signing on the dotted line. By taking advantage of this waiting period and carefully reviewing the disclosure, borrowers can make informed decisions that align with their financial goals and objectives.

If your loan is locked it is vital that you keep on top of the expiration dates as interest rates have jumped high.

Closing Disclosures (also called a C D) or old fashioned mortgage Lemon Laws are Federal

wait periods that can cost you money in this rising rate time.

GET your paperwork in Fast 

Sign anything sent to you the same day

Stay on top of your mortgage loan process

Take NOTE:

If a CD is e-signed on a Thursday, Friday, Saturday or Sunday/Holidays, loan docs may be signed on the forth day following the day they e-signed the CD. 

If a CD is e-signed on a Monday, Tuesday, or 

Wednesday, loan docs may be signed on the third day

following the day they e-signed the C D.

Thanks for reading

C G

NMLS 324982

(949) 784-9699

Mortgage Interest Rate chart February 2017 to Current

Ten YEAR RATE CHART TELLS YOU

mortgage interest rates are rising

It is time to decide and not wait.

This is not awful terrible news, all things
balance in the big picture of time

Rate chart February 2017 to current today February 2, 2018

Get YOUR Offer Accepted

Stop worrying about making contingent offers that Sellers won't accept.

Don't wait for a rainy day to purchase a move up house

Do you  need short-term access to cash and can’t wait for your property to sell?

We can help!

Eagle Home Mortgage is now offering a 12 month Bridge Loan. Give your clients the option to access the equity in their property before its sold.

Plus, there’s no ATR requirement. Instead of a lengthy qualification process, borrowers are only asked to provide proof of assets or income source for the 12 monthly payments.

12 month Bridge Loan Eligibility Highlights

• 1-4 Unit Single Family
• Primary residence, second Home and investment properties
• 680 minimum FICO
• $500,000 minimum loan amount
• 55% max LTV
• U. S. Citizens only

There are Many Ways To Make Your Real Estate Offer Irresistible

There are Many Ways To Make Your Real Estate Offer Irresistible

In a competitive real estate market, getting your offer accepted can feel like winning the lottery. But with the right approach and a bit of strategic planning, you can significantly increase your chances of landing your dream home. Here are some key strategies to help you make an irresistible offer:

You need to look financially strong.

·        Get Pre-Approved from an Underwriter. A pre-approval letter showcases your financial readiness and seriousness as a buyer. This gives the seller confidence that you can secure financing and close the deal smoothly.

·        Consider a Cash Offer: Offering to buy the property with cash can be highly appealing to sellers, especially in competitive markets. It eliminates the risk of financing falling through and simplifies the closing process.

·        Put Down a Larger Earnest Money Deposit: A larger earnest money deposit signifies your commitment to the purchase and demonstrates your financial resources. This shows the seller you're serious about buying and gives them a sense of security.

·        Minimize Contingencies: Contingencies, such as the home inspection or appraisal, are standard parts of the buying process. However, minimizing them or offering flexible timelines can make your offer more attractive.

·        Close Quickly: If possible, offer to close on the house sooner than the standard timeframe. This can be especially advantageous if the seller needs to move quickly. Offer to close in seventeen days and allow seller to rent back for a week.

·        Do Your Research: Understand the current market conditions and comparable properties in the area. This helps you craft a competitive offer that is fair and reflects the true value of the home.

·        Consider Offering Above Asking Price: In a seller's market, going above asking price might be necessary to stand out. However, determine your maximum budget and don't overextend yourself financially. For this you may need extra cash to make up for an appraisal gap.

·        Get Creative with Your Offer: Highlight any unique aspects of your offer that might appeal to the seller, such as being flexible on closing dates or offering to purchase some of their belongings if your agent thinks they are downsizing for example.

·        Work with an Experienced Real Estate Agent: A skilled agent can guide you through the offer process, negotiate on your behalf, and advocate for your interests.

·        Express Your Enthusiasm: Let the seller know how much you love the property and how excited you are to become its new owner. Showing passion can leave a positive impression.

·        Write a Personal Letter to the Seller: Sharing your reasons for wanting the home and expressing your appreciation for its unique features can create a personal connection with the seller. This is often called a love letter.

·        Focus on Building Rapport: Be courteous and kind throughout the process. Maintaining a positive relationship with the seller can be beneficial during negotiations.

·        Be Flexible and Open to Negotiation: While it's important to stand your ground on key points, be willing to compromise on certain aspects to reach an agreement.

·        Every market and situation is unique. Adapt your approach based on the specific circumstances and consult with your real estate agent for personalized advice. Your agent should know what the seller wants before you write.

·        Don't get discouraged by setbacks. Persistence and a positive attitude can go a long way in securing your dream home.

By following these strategies and tailoring them to yo

 

Call me today to learn how you can help your clients get the cash they need without waiting for their properties to sell.

C G

NMLS 324982

Grant Now a Lien For Three Years

Well if you have any fence sitters who need the assistance from the GSFA Platinum program you will need to let them know starting March 1^st it is no longer a total gift/grant. There will be a 2^nd lien that is not forgivable for 3 years so if it is a short term purchase or if they were told they can refinance in 6 months that is no longer a viable option as the grant will have to be paid back in full.

Might get a few buyers to move a little quicker!! Realtors need to know this as well J

Changes to Down Payment Assistance, Effective March 1, 2018

Effective for GSFA Platinum mortgage loans reserved on or after March 1, 2018, the optional down payment assistance will be provided in the form of a second mortgage, forgivable after 3 years and with a 0% interest rate. The forgivable second mortgage replaces the existing down payment assistance gift. Helping individuals and families bridge the affordability gap in homeownership remains GSFA's focus and we continue to navigate the changing housing market to generate the most innovative and competitive programs and products we can.

The Program will continue to feature various mortgage loan types and assistance options for Lenders to choose from in order to best meet the needs of borrowers. GSFA will provide additional direction and guidelines to GSFA Platinum Participating Lenders in the coming weeks.