If you’re thinking about Boston Midtown real estate: Check this out….
If you’re a future Boston midtown real estate buyer, check this out.
What You Need to Know About the New Closing Disclosures
Truth-In-Lending Act (which informs consumers about loan terms) and the Real Estate Settlement Procedures Act (which deals with closings) is a set of disclosure forms for home buyers who are getting a mortgage.
The official title to these regulations is a mouthful — Truth-In-Lending Act / Real Estate Settlement Procedures Act Integrated Disclosure Rule— so the regulations are just referred to as TRID. The enforcement agency, the Consumer Financial Protection Bureau, also calls it “Know Before You Owe.”)
“Know Before You Owe” is designed to help Boston Midtown real estate borrowers clearly understand the costs and terms of their home mortgages. Here are the key points that you can should know:
You’ll Have Two Boston Midtown Real Estate Forms
If you’re getting a mortgage, you’ll receive two forms under “Know Before You Owe.” The first, a loan estimate, based on your financial information. You’ll receive the loan estimate 3 business days after applying for your mortgage. The second, a closing disclosure, which outlines all of the costs you will need to pay. You’ll receive that form 3 business days before closing on your Boston midtown real estate.
There is a 3-Day Review Period Before Closing
Under the new “Know Before You Owe” rules, mortgage lenders must send you — the Closing Disclosure form — 3 business days before closing on your Boston Midtown real estate. This is to ensure that you have enough time to read the documents before the closing.
However, some changes to the mortgage terms, will mean that you will need another 3-business-day review period, possibly delaying your closing date. If you would like an overview of the details, the CFPB highlights the instances where the 3-day review period would be affected.
If you are buying a Boston Midtown condo and have questions about these regulations, and what it might mean for closing on your Boston midtown home in the future, contact our real estate experts today and we will be happy to answer your questions in detail.
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
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