5 Things a Buyer Should Know About TRID
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Expect closings to take 45 days or longer. This may be reduced after an initial learning period of 6 months to 1 year and may be different depending on your lender. For example some lenders may initially be closer to 60 days for close dates.
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You must confirm with your lender an intent to proceed within 4 days of making official loan application.
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Be prepared to sign disclosures from your lender using electronic signatures. This will help to reduce wait periods lenders must now comply with.
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You must wait a minimum of 3 days to sign your closing documents once those documents have been provided to you and you have acknowledged receipt. This does not count Sundays or legal holidays.
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All terms of your sale should be finalized within 10 days of your close date. Failure to finalize the terms of your transaction within 10 days may delay your close date.
This information is courtesy of Brian Page with Guild Mortgage, 503.439.9191.