Important Marin Real Estate Financing Changes

As of August 1 there will be yet another change to our loan terms when buying a home. As a buyer of a personal residence the banks are now bound by a three day right to review and rescind per the terms set forth in the Truth in Lending document sent to all borrowers prior to closing. This always applied for refinancing but now it applies when you first buy a home with a new loan, too.  This is important for several reasons. The buyer has a chance to review their terms in a leisurely fashion. The buyer can also make adjustments with their lender and then receive a new Truth in Lending Statement. Be forewarned however. Any changes to close of escrow, price, credits, anything that affect the price will require a new Truth in Lending to be issued. And the 7 days applies because all lenders allow three days for delivery and one day to create the document, thus any change will require 7 days before you can even think of closing.