The Consumer Financial Protection Bureau drew up new rules to ease the process for taking out a mortgage. Their goal is to help you “Know Before You Owe”. Simplifying disclosures as well as allowing you more time to review those disclosure before you close on your mortgage loan.
After October 3rd you now have three days between getting your Closing Disclosure and signing on the dotted line. This allows you to make sure your loan and the original estimate don’t have any major differences. This time frame will also allow you to ask your lender any questions you might have regarding the terms of your mortgage.
Having the disclosures longer and making them easier to understand is helpful. If you still have questions please find Closing Disclosure & Loan Estimate on the Consumer Financial Protection Bureau website. These may be helpful examples before you begin the mortgage loan process.
If you have any questions regarding mortgage lending, please feel free to give us a call or checkout our website at www.pbcbank.com or 1-866-PBC-BANK (1-866-722-2265).