The Consumer Financial Protection Bureau has changed the rules for mortgage disclosures.
Some new forms kick in this weekend. Kalama Kim from Coldwell Banker visited us in studio to discuss these changes.
On Oct 3rd there will be good news and bad news-- the good news for the consumer is that the new integrated disclosure is going to be much easier to read. It shows the buyer cost and you don't have to have an accounting degree to figure it out.
The other part-- after October 3rd the amount of time to purchase a transaction is going to change.
Before that you could do a 30 day time for foreclosing... that going away. You'll have to add another 15 days if you're getting a mortgage to buy a home. If any of the buyer cost change, you may have to add another 6-9 days or another 2-4 days.
Buyers will have to order their appraisal and incur about a cost before they even get their inspection report. incur maybe a 700-1000
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