Fall Market Changes
Could this be the best time ever to Buy, Sell or Invest in Real Estate? It just might be! The Fall Market may have some hiccups on the way due to two key changes set to take place October 1st, 2015 by the Consumer Financial Protection Bureau (CFPB). Established in 2013, the CFPB wants to effect change in mortgage lending practices and their new rules are schedule to begin in October. The CFPB rule change will replace the Good Faith Estimate, Early Truth in Lending Disclosure, Final Truth in Lending Disclosure and HUD-1. According to the CFPB these newly designed forms, “highlight the information that has proven to be most important to consumers. On the new forms, the interest rate, monthly payments, and the total closing costs will be clearly presented on the first page. This will make it easier for consumers to compare mortgage loans and choose the one that is right for them”.
These rules will be implemented October 1st and while the industry looks forward to the new consumer protections, they are acutely aware of the learning curve issues that might slow down lending and extend the time required to close while the new regulations are put into place.
With that in mind and with a trusted Real Estate agent at your side, one who is always your best consumer protection, this is a great time to buy or sell a home before the market gets caught up in the changes in the mortgage industry. No one wants the biggest purchase or sale of their life to be part of a trial run with a new set of rules. Buying or selling now will help your transaction be ahead of the curve instead of the guinea pig for testing out the new regulations. Call me today to have a conversation on how these changes might affect you directly.