With chilly breezes and colorful leaves upon us, it’s time to welcome fall and the holiday season into our homes once again. Here are some tips to make sure your home is ready for the colder days ahead:

• Prep your outdoor plumbing by draining faucets and covering them with faucet covers. It’s also a good idea to figure out how to turn off the water going to your home in case a pipe bursts–teach everyone else how to do it as well!
• Clean the gutters! This allows water to properly move away from your home. Direct water flow away from your home using a downspout extension.
• If you have a chimney and haven’t gotten it cleaned in awhile, make sure to hire a chimney sweep to keep those cozy fires burning well.
• Call an arborist to check up on the trees surrounding your home. They can let you know if any are rotten or damaged, allowing you to take the necessary measures to get things sorted out before winter hits.
• Get your furnace and boilers checked out so you’re not left with a broken furnace mid-winter.

TRID: Changes in the mortgage process to make your life a little bit easier

Recent changes in the mortgage process aim to simplify the process altogether. The new disclosure rules require lenders to provide just two forms to home buyers during the lending process, the Loan Estimate and Closing Disclosure forms, instead of four. These new disclosure rules will certainly affect all those involved in the process, the buyers, sellers, as well as real estate agents.

What does it mean for buyers?

At the onset of the lending process, lenders have to provide potential home buyers a Loan Estimate form within three days of a submitted application. This form details the terms of a potential loan including: amount, interest rate and whether the figures can change after closing. The clearly detailed terms allows buyers to shop around—it’s a lot easier to compare loans from different lenders to find the best rates and terms.

Near the end of the process, lenders must provide the Closing Disclosure form at least three days before the closing date. This document allows the buyer to make sure the loan terms haven’t changed. The first page of the Closing Disclosure mimics the Loan Estimate form to make it easier to verify that the loan amount, interest rates, monthly payments and other costs haven’t changed since that initial estimate.

Resident mortgage expert Brent Lucas from Guild gives us a more detailed and insightful look into these new disclosure rules below. Scroll down to read more!

It just got a little easier to navigate the complicated mortgage process.

New disclosure rules went into effect in the mortgage world on Saturday, October 3rd that require lenders to provide home buyers two new forms that clearly detail their loan terms. For consumers, it should be viewed as an improvement on a what is typically complicated and intimidating process that affects the biggest investment of their life.

The rule, formally known as the TILA-RESPA Integrated Disclosure (TRID) rule, reduces what used to be four forms from two different government agencies to two forms: the Loan Estimate and Closing Disclosure. TILA is an acronym which stands for Truth-in-Lending Act, and RESPA is an acronym which stands for Real Estate Settlement Procedures Act. The TILA requires lenders to disclose APR for a loan. RESPA requires lenders to issue a Good Faith Estimate.

Many people believe mortgage loan documents, especially the ones discussing closing costs and loan terms, were too complicated under the old system. TRID aims to simplify.

It is also important to note that because of these changes, everyone involved in the home buying process — from home sellers and home buyers, to appraisers, lenders, title agents, and, of course, real estate agents — will notice TRID’s effect in the form of new timelines, new forms and new processes required to get a home to closing.

Here’s what buyers can expect:

Lenders have to provide potential home buyers a Loan Estimate form within three days of a submitted application.

The three-page form details the terms of a potential loan including: amount, interest rate and whether the figures can change after closing. Clearly breaking out these figures should make it easier to compare loans from different lenders (yes, you should shop around) to find the best rate and terms. Be sure to pay attention to whether the interest rate is fixed or adjustable, has points or no points and any potential future penalties you could face.

No more surprises:

Lenders must provide the Closing Disclosure form at least three days before the closing date to allow the buyer to make sure the loan terms haven’t changed. The first page of the Closing Disclosure mimics the Loan Estimate form to make it easier to verify that the loan amount, interest rates, monthly payments and other costs haven’t changed since that initial estimate.

Because borrowers must have the Closing Disclosure three days before closing, the transaction can’t change at the last minute. If changes ARE made that could impact your annual percentage rate (APR) then an additional three business days could be required for review of the revised CD. These new requirements could take some time for lenders to adjust to and will very likely cause some delays in closings. The best way to help speed the process and minimize any potential delays would be to make sure any inspections, repairs and contingencies are taken care of earlier in the process.

If you have any questions about these new changes, please feel free to contact me or your M agent.