As of June 30th, 2009 the new rule of 3-7-3 goes into effect. What this means is a Idaho first time home buyer must receive their upfront disclosures 3 working days after the home buyers Boise loan application is submitted. Many escrow officers tell me that far too many Idaho first time home buyers don’t see any disclosures until the day of closing. The buyer ends up signing two sets of loan documents, at the closing table, instead of one. This is completely wrong!
Hey, all of you real estate agents out there who work with lenders who conduct business in this manor, you need to find a new lender. The Boise loan officers that have YOUR clients signing 2 sets of loan papers at closing, are putting YOUR client and YOUR reputation at risk.
Upfront disclosures are the mortgage Boise home loan documents that all consumers are suppose to see before the actual signing of the official mortgage documents. These documents are duplicates of the final papers that will be recorded.
The Idaho first time home buyers must have these Boise home loan mortgage disclosures 7 working days before they can sign the final closing documents.
If there are any changes to the Good Faith Estimate, the lender must re-disclose the new loan terms and the consumer must wait an additional 3 working days before they can go to the title company and sign the final Boise loan documents.
The changes that trigger re-disclosing are: an increase of APR (annual percentage rate) fees of more than $100.00 or if the APR increases more than .125% (1/8) %
What all of this means is a Boise loan officer can no longer “hide or hold back fees” to make the GFE look like a “good deal” and later on, in the transaction, have the fees “magically” re-appear.
If a Idaho first time home buyer has not had a chance to review the Boise loan documents (upfront disclosures) that they are about to sign and commit to, how would they possibly know what fees have been changed or what Boise loan program they have applied for.
Now is the time for Boise Idaho first time home buyers to take control of their mortgage future and hold Boise loan officers accountable. Home buyers need to know their rights.
Guild Mortgage – Boise Home loans – Craig Ballhagen 208-713-3309