We’ve previously explored homebuyers’ “Do’s and Don’ts” and uncovered some vital tips that help or hinder the home buying process. In today’s special edition, we examine hints for successfully coping with TRID (the new TILA-RESPA Integrated Disclosures rules that go into effect this weekend). As always, the “Do’s” contain very real helpful points to avoid closing delays, while the “Don’ts” offer a somewhat satirical look at potential (but hopefully improbable) real life situations that will complicate or delay closings, particularly given TRID’s stringent new requirements.
TRID Do: Discuss your loan options in detail with your lender, and apply once you have decided which loan best suits your needs.
TRID Don’t: Ask your lender for a LE (Loan Estimate) on a 30 year fixed loan, then opt for a 15 year 5 days before your scheduled closing….