Buying Pinellas Real Estate? The New MUST-KNOW Mortgage Disclosure Rules: The Mortgage Disclosure Improvement Act (MDIA) starts July 30th
ADDED July 24, 2009
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On July 30th, 2009, the Federal Reserve Board’s new Mortgage Disclosure Improvement Act (MDIA) goes into effect. It’s mostly good news for if you’re refinancing your home or buying Dunedin real estate, yet it does mean that it could take longer to close on your home loan. Here are the facts simplified:
- This mandate will apply to EVERY mortgage in America.
- The lender must give you a TIL (Truth in Lending) disclosure with all of your closing costs spelled out within 3 days of your initial application. If you don’t get the disclosure, you can pull the plug. By the way, our lender partners have always done business this way. If you need a referral to a lender that has always played by the book, and provides the best interest rates going, contact us.
- There must be a 7 day waiting period between the date the initial TIL disclosure is provided to you and the closing occurs. AND! …best of all ….
- Any change to the initial APR disclosed in the original TIL that exceeds 1/8% (.125) for a regular transaction or 1/4% (.25) for an irregular transaction will require a new TIL disclosure with an additional 3-day waiting period between its receipt by you and the actual closing date.
- The waiting periods will not include Sundays or federal holidays.
- No fees, other than a credit report fee, can be charged before your receive your disclosure.
Long gone are the days of last minute changes to the borrowers loan terms. This may postpone your scheduled closing date, yet these Palm Harbor Realtors think we’d all agree that buyers of Pinellas Real Estate deserve this peace of mind.
By the way, interest rates today are at about 5.4% for a 30-year fixed conventional loan. See what it will cost you if rates rise on Pinellas mortgages later this year, as some are predicitng.
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