I wanted to talk about three things regarding mortgages before we actually start with the various types of loans and rates, terms, minimum down payments, etc.

 

Three things …..

 

  1. Regardless of what type of mortgage you are pursuing, rates are still very low from a historical perspective, very attractive. Think long and hard before you purchase a primary home with anything other than a 30 yr or 15 yr fixed rate.

 

  1. The Consumer Financial Protection Bureau proposed delaying the implementation of the TILA-RESPA Integrated Disclosures (TRID) rule until Oct. 3. While this gives the industry two additional months, it’s important to remain focused on getting prepared. This is actually something as a consumer you only need to know that your Real Estate agent and Lender are keenly aware of these rule changes. With a good agent/lender team you should manage these changes seamlessly, without a knowledgeable team it could cost you dearly.

 

TILA…”Truth In Lending Act”

RESPA…”Real Estate Settlement Procedures Act”

TRID..”TILA  RESPA Integrated Disclosures”

 

These legislative consumer protection changes WILL affect you as a buyer and seller, but in direct proportion to how prepared or unprepared your Lender and Realtor are.

 

 

  1. Please don’t think the lowest rate you can find out on the world wide web based on answering a couple questions is the best loan you can or even want to secure. There are so many other things that are clearly more important such as having a human being to assist you with the myriad of paperwork requirements, straight forward pricing regarding fees (hidden fees can kill that great teaser rate). Having a live person will help you with any life changes or rule changes that can happen during processing and can just ruin a loan package without that trustworthy human  relationship.