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You are here: / / / There are new TRID closing guidelines. Have you heard about them?

We aren’t all mortgage know-it-alls. Frankly, most of us don’t know much about mortgages besides the one we or someone we know is paying every month. Honestly, most of us don’t need to know everything about the different mortgage loans out there, but it is a good idea to know some of the basics.
 
New lending guidelines have recently been unveiled by the government. These guidelines change the way that loan closings will occur when you build, buy or sell a home. If you have owned a home or two in the past you will remember the “settlement statement” or “HUD-1” from the closing at the title company or attorney’s office showing all of the details of the purchase and loan transaction. That statement is basically gone with the new TRID guidelines.
 
Here is a link to a government web site that show the details, maybe more than you would like, about the changes that are occurring with the TRID roll out. (There are actually some pretty good examples, forms and instructions on this web site.)
 
What does all of this mean to you and me who are looking at building, buying or selling a home? Well, for now, it means that closings may be a little bit slower and take a little bit longer until everyone involved is completely up to speed with all of the requirements and changes. As with most changes, there is a learning curve, and that will just take time to get through.
 
If you want to know more, or you would like to speak with one of the Focus Homes preferred lenders, call or text (863) 640-2246 now, or contact us online today!

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