What to Know About the New Mortgage Forms

New mortgage rules that take effect Saturday should make it easier for borrowers to compare loan products and see the total cost before closing. However, some real estate professionals are concerned that a new waiting period could hurt some home buyers. Bob Kelly, an executive with Bank of America, does not expect the additional days to affect home buyers and lenders in most markets. The bank, which still expects to close within 30 days, has been providing seminars for real estate agents to encourage them to move up property home inspections, property walk-throughs and anything else that must be addressed before closing. Still, Shannon Baird, a broker with Portland-based Meadows Group Realtors, says any extra delay in competitive markets could hurt borrowers vying in bidding wars with cash offers. “Cash buyers are going to be stronger than they already have been,” according to Baird. | Read More