If you have purchased or refinanced a home, you know that understanding actual costs or specific terms of your mortgage can be very difficult to understand.
That has recently changed. The Consumer Financial Protection Bureau has established new requirements commonly referred to as “know before you owe.”
Under the new requirements, you’ll get a loan estimate when you start the process and a closing disclosure when you close, both in a similar format.
This is great news. You’ll easily be able to compare offers and they’ll be much easier to understand.
The new regulations have mandatory three-day waiting period from the time the closing disclosures are delivered until you can sign, so be sure to speak to a mortgage adviser about how this may impact your closing date.
*Loans are subject to credit approval and other underwriting criteria and not everybody will qualify. Certain restrictions apply. Home Loan programs, terms and conditions subject to change without notice. Boeing Employees’ Credit Union NMLS ID 490518.
– Terri Marks
BECU Mortgage Adviser