Truth-in-Lending/Real Estate Protection Act Integrated Disclosure Rule Takes Effect

Huh?

Simply put, the TRID (Truth-in-Lending/Real Estate Protection Act Integrated Disclosure Rule) states that as of October 3, 2015, the final closing costs on a home loan must be made available to a consumer purchasing or refinancing a home three business days before closing.

This means that all parties have to take special care in planning a purchase or refinance transaction as last minute changes are now more likely to cause delays.

The good news for would-be buyers is that if your application is fully pre-approved by your lender this could ultimately make your offer more enticing to a seller.

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