TRID- is a new closing disclosure and process that will affect residential real estate closings

TRID- is a new closing disclosure and process that will affect residential real estate closings effective October 3, 2015. As a buyer  you may help avoid closing delays that may be a real possibility due to the new regulations.

The top 5 things you can do to be proactive to help avoid delays:

1. Be organized

   have your financial documents in order with easy access. Don’t pack your important documents such as; tax returns, w2 forms, divorce decrees, separation agreements, bankruptcy papers ,etc.

2. Be responsive

   provide requested documents to your mortgage lender immediately. Lenders have much to accomplish to obtain your loan approval and meet regulatory closing guidelines to help get you in to your new home. The sooner you provide information , the sooner you can close. Keep in mind that once they receive documents additional questions may result as the supplied documents.

3. Communicate

   with your lender and agent frequently to ensure the process is moving forward. Communicate any challenges , changes or concerns so your mortgage team, realtor and title company may all plan effectively for your closing.

4. Stop

   Do not make changes to your financial picture such as increased debt , open new credit accounts, move funds from bank to bank , make large deposits , change jobs or make other changes that could affect your loan process or approval. If you must make a change consult with your loan officer prior to making the  change. They will be able to assist you in the correct way to handle or avoid sabotage.

5. Trust

   work with a realtor , lender and title company whom  you trust to guide you through the process. Choose a realtor  and lender who are proactive, responsive, accessible and knowledgeable to assist you in the process.