by Sean Hess (Sean@StAugTeam.com) 904-386-8327 , Broker and Manager for St. Augustine Team Realty (www.StAugustineTeamRealty.com). Join us on Facebook.
New rules … blech! Who needs ‘em?
Well the banking industry did, and starting August 1st, 2015, it will make closings take longer if you get a loan.
So why worry about it now? Well, even if you went under contract today it would probably be April or May before you closed. And if you’re just starting to look now … well August will be here before you know it. My partner Kate Stevens (Kate@StAugustineTeam.com and 904-377-2276) and I give you the lowdown in the short video above.
A few things to note:
Right now it’s our understanding that if you start the loan process before July 31, 2015, it stays old school. If the loan process starts August 1 or after, it goes new school. Anyway, if you need to be in a house by the start of the next school year you may want to get the ball rolling so you can close by July 31 and skip the whole mess altogether.
Secondly, the Loan Estimate that the bank gives/gave you when you applied for a mortgage has to match the closing disclosure, otherwise the closing is delayed until the two sync (or the bank faces serious penalties). However, this is only for fees that the bank charges personally. They will estimate the cost of a survey on your Loan Estimate, for example, but if the survey is higher than the estimate you can still close on time because the bank didn’t charge for or collect for the survey. Also, if the bank charges are lower than they quoted, the closing can move forward.
Clear as mud, right?
That’s it! Thanks for watching and please use us the next time you buy or sell a home!