In the wake of the real estate bubble that saw consumers subjected to a number of unethical practices, changes have been instituted to the closing process that are designed to provide home buyers with more protections. Now, the loan disclosure documents combine the information required in the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). Under the new rule change, known as the TILA-RESPA Integrated Disclosure (TRID) regulation, consumers must be given the new combined Loan Estimate (LE) with all the charges, fees, and line items three days before the closing. Instead of getting the HUD-1 form (which will disappear) at the closing, consumers now have three days to review the closing disclosure before signing.

I hope you found this real estate topic to be both interesting and informative. Reviewing the paperwork involved in a real estate transaction can seem overwhelming to many. I am here to walk you through the transaction, step by step. I have a successful history of assisting buyers and sellers in your community. Contact me today. The office is conveniently located at 1199 Amboy Ave., Edison. Learn how I earned a superior reputation.

HINT: The new rule changes mentioned above provide home buyers with time to consult with their lawyers, agents, and financial advisers about the terms of their mortgage.