Mortgage Closings Simplified: Coming August 2015!

Most loan applicants report frustration with the long and complicated paperwork they must review before signing the closing documents. Many borrowers feel that the process is rushed, and that it adds a new level of stress to the act of buying a home. The Consumer Financial Protection Bureau has decided to listen to these frustrations in hopes of making mortgage closings easier!

Luckily for borrowers, the Consumer Financial Protection Bureau intends to institute changes to the closing process by this time next year. By August 2015, buyers will be given 3 business days to sign the closing paperwork. This should give them a little extra time to find answers to any additional questions they may have. Additionally, the Consumer Financial Protection Bureau will prohibit lenders from making last minute changes to the closing disclosures.

An online closing program will also be launched around this time next year. It will be called “eClosing”, and is expected to give borrowers more review time before it comes time to sign. All of these changes should lead to a quicker, and smoother closing process!

If you are interested in buying a home in Lafayette or any of the surrounding areas, give Cary Amo a call! Cary has over 20 years of experience as a residential realtor, and knows all of Contra Costa County like the back of his hand! He has a thorough understanding of the mortgage industry, in addition to short sales, and foreclosures. If you are new to buying or selling, he will guide you through the process, providing you with quality education along the way. Regardless of your real estate needs, Cary Amo is the real estate professional who will help you succeed!

 

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