Changes Affect How To Buy Homes In Salt Lake City Utah !
The government made some changes recently that could Affect How We Buy Homes In Salt Lake City Utah.
The changes have to do with giving Home buyers in Utah more time to evaluate documents provided by Mortgage Lenders prior closing on a their New Utah Home.
Actually these changes are national and will be implemented with regard to the Mortgage of every Home, Condominium, Town Home New or used around the country, not just Homes For Sale In Salt Lake City Utah.
Chris Sloan, our Tooele Broker and current UAR President just blogged about it and I thought I would pass on my thoughts regarding the areas I think have the most impact.
Chris said In The Presidents Message last week:
In an effort to better protect the consumer from predatory lending, the government has put in place a new set of lending regulations. Designed to give the consumer more time to review disclosures and mortgage costs, the new requirements may also increase the time frame for closing on a home. The following is a quick review of what buyers should expect under the new process. Read Entire Article.
Here are my thumbnail comments:
Good Faith Estimates must be given to the Utah Home Buyer w/in 3 days of the Home loan application.
Salt Lake Home Buyer has 7 days to review the good faith estimate.
Mortgage Lenders in Utah can NOT close the loan prior to the full 7 days.
No fees can be charged the SLC home buyer except a reasonable fee for a credit report until these early disclosures have been completed.
A new disclosure must be provided to the buyer of a New home or Condominium in Utah every time the APR changes more than .0125 per cent.
The Salt Lake home Buyer then has another 3 days to review before the home loan can be closed.
Items that can change the APR can be mortgage rate changes, price changes, and interest rate buy downs, to name a few.
Home Buyers In Salt Lake will have 3 days to review appraisal prior to closing.
Major lenders are advising folks buying a home or condo to allow for a 30 to 45 day escrow.
All in all, this is a pretty good package, and will no doubt protect a number of Salt Lake Home Buyers from some unsavory lenders.
The best protection though is to have a Utah Realtor that knows what you want to do and knows the best way to help you do it.
If you don't have that Utah Realtor, give us a chance.
We know this business.
Check us out by stopping by our website @ Salt Lake Real Estate. We have put together a tool to help guide you through the entire home buying process.
From searching for Salt Lake Homes for Sale, to articles and tips on buying New Salt Lake Homes, to offering a list of Utah Mortgage Lenders that we know will provide good service with integrity, our website was designed to help you Buy a home In Utah.
We update daily and blog about items that should be of interest to Utah Home Buyers, so stop by often.
Or you can give us a call @ 801-567-0946 to talk Utah Real Estate or just the changes that affect How to Buy Homes In Salt Lake City Utah.