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September 22, 2015

Will New Mortgage Disclosures Delay Your Closing?

Homeownership
Know Before You Owe

According to the Consumer Financial Protection Bureau (CFPB), the answer is no for just about everybody.

The only 3 changes that would require a new three-day period:

  1. Increasing the annual percentage rate (APR) by more than 1/8 of a percentage point for a fixed-rate loan or ¼ of a percentage point for an adjustable-rate loan

  2. The addition of a prepayment penalty

  3. Changes in the loan product, from a fixed rate to an adjustable-rate loan, for example

Many things can (and probably will) change in the days leading up to closing that won't require a new three-day period, including typos on the forms, problems discovered on a walk-through and most changes to payments made at closing, including changes that require seller credits.

The CFPB has a good factsheet that clarifies questions about the three day review period.

Related:

Countdown to Know Before You Know

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