Saline Real Estate and Homes for Sale

It seems that not a day goes by without some changes in our lives coming about because of our government, so it's not a surprise that there are more changes for Saline mortgages coming at us!  (Original article by Vance Shutes).  Let's take at one of those changes today.

This past summer (July 30, 2009 to be exact), a new government Act went into effect, entitled the "Mortgage Disclosure Improvement Act."  (Don't get me started about how the Government has 'improved' the mortgage business). 

The main point of the Act is that mortgage lenders must give borrowers at least 72 hours to review ANY changes in the terms of their mortgage loan.  Primarily this would mean any changes in the interest rate to be charged, so it may become more important for a buyer to lock their interest rate at least three days (72 hours) before closing.  There are other terms in your mortgage which are impacted by this Act, as well.

For example, if you left your interest rate "float" because you think rates will drop, and then rates drop on the morning of your closing, you won't be able to close that day.  You'll have to wait another three days.  Think about that!

As another example, if you decide the day before closing that you want to "buy down" your interest rate by paying some up-front points, you'll have to wait 72 hours before closing. 

No matter what you do to encourage, harass, or cajole your mortgage lender, you won't be able to beat this new 72-hour rule.

Just be sure to talk over the impact of this new Act with your mortgage lender, so you understand how it impacts your specific situation.

Oh, and thank your government for their protection of your mortgage interests.

If you have questions about your specific situation, or if you're in need of a mortgage for your Saline real estate, you owe it to yourself to take advantage of my experience in the Saline market.  I'd be happy to meet with you!  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

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