When buyers call in and resist answering questions about their loan qualifications, they are only working against themselves. It is counterproductive. Buyers have no idea how much things have changed in real estate in the past few years. Being evasive does not help. It is important for them to understand what we are up againsts as real estate agents. It is imperitive for them before they go looking at homes and writing a contract to get their loan and pre-qualifications before they write an offer. The term "Time is of the essence" has never been more important as it is today, and nowhere does it apply more than to lending.
The real estate industry as we know it has once again been challenged this January with more new regulations. The new "Regulation X" dramatically affects the way disclosures are handled on the loan side of a purchase or refinance. It is meant to protect the the consumers, and give them adequate time to review any changes in a loans terms prior to getting to a closing table. These new rules and regulations applies to the entire mortgage industry nationally, whether the mortgage is obtained through a bank, broker or mortgage banker. Many veteran loan officers have shared this is the biggest change to the mortgage lending industry that they've seen in over 20 years. It will impact on the ability to modify and change purchase transactions, and any change that will impact the APR on the loan.
The new "Good Faith Estimate 2010" may have ramifications on the time a transaction can be completed and any changes that may affect the deal along the way. Any "change" to rate, fees, extensions, sales price, credits, etc... Or anything that may affect the APR of the loan could impact the ability to close on time. As a consumer, it has never been more important to choose a reputable lending institution and knowledgeable loan officer that you know and trust to handle your transactions. They should be your advocate. In every area of the transaction, this is not a market for rookies! Each choice you make will be critical in getting your deal closed in a timely manner.
Since our Atlanta (GAR) real estate contract Georgia Association of Realtors is a "Due Diligence" contract there are no contingencies for financing unless otherwise stated in the contract. The options period for "Due Diligence" is it. The terms of the contract are ‘cash at closing!" Many out of state lenders will be at a loss to effectively deal with our contracts effectively. Many lenders will find themselves in rush situations that will now be completely out of the control of the lender to accommodate, whereas any change to the transaction will set into effect a new process for re-disclosure. It is the responsibility of home buyers and their agents need to establish realistic time frames when negotiating your purchase contract. Liting agents als have to make many new allowances to deal with the new changes. Before entering into a real estate contract, home buyers need to choose their lenders and agents carefully. It is not a real estate market for on the job training.
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