You’ve heard the home closing stories: At the eleventh hour buyers find that the amount needed for closing is different from what they were told. Ack! Fear no more. There’s a solution.
If you’re about to close on a new house, your timing couldn’t be better. Thanks to new mortgage rules from the Consumer Financial Protection Bureau (CFPB) that kicked in on Oct. 3, 2015, there’s good news on the dreaded loan paperwork front.
You’ll now receive transparent loan and closing documents, which could save you money on small-print fees you might otherwise miss. In addition, you’ll get these docs three days prior to closing — not 15 minutes as sometimes happens — before it’s time to make everything official.