New Regulations in Texas Real Estate – North Texas Real Estate Tips
The Consumer Financial Protection Bureau of Texas recently passed a new set of regulations that affects any real estate transaction within its jurisdiction. These new rules are aimed at preventing abuse of lending practices that put homeowners at risk. Aimed at protecting buyers from the predatory practices that harmed many homeowners in the past, these new regulations are making the loan process both easier and safer for Texas residents.
These regulations were formerly known as the Truth in Lending Act as well as the Real Estate Settlement Procedures Act and they are geared to helping new homeowners. What do these new regulations for Texas loan processes really mean to you? Here are just a few summary points to help you understand how these new laws help you.
New Regulations in Texas Real Estate – North Texas Real Estate Tips:
Earlier processing of loan forms
Whereas buyers used to have to wait until the closing period to see their paperwork, the new regulations for Texas Real Estate mandate that the buyer must receive their forms earlier. This prepares the buyer to have enough time, up to three days before processing so that they have enough time to review all the legal documents.
Real Estate loans have now been made easier to read and comprehend using the all-new Loan Estimate. Replacing what used to be the Good Faith Estimate disclosure and the Truth-in-Lending disclosure, this new form gets numbers and facts about your loan in front of you in a manner that’s easier than ever to understand.
Extended closing times
Longer periods of time for closing have now been allowed between the initial Loan Estimate to the Closing Disclosure. These new regulations have set a timeline for the process of closing, and it gives buyers more time to review and oversee their loan. The new regulations also allow for new forms to protect the buyer, and because of this reason many new buyers opt to wait a few days before signing.
These new Texas regulations help shield buyers from changes in interest rates or adjustments to their loan. This can help prevent any last minute changes to their loan, that can lead to mistakes or problems later in their load process.
Because each situation is different you would be wise to do the proper legwork and research when reviewing your loan documents. This helps you avoid some of the more predatory methods that many of the loan companies may have gotten away with in the past. If you are interested in buying a home in Texas or completing any real estate transaction, it’s best to review the new regulations in Texas to see how you can take advantage of the new rules and procedures in place to help protect buyers.
Homes for Sale by City
Homes for Sale by County
Homes for Sale by School District
Cedar Hill ISD
Eeagle Mountain ISD
Fort Worth ISD
Grand Prairie ISD
Highland Park ISD
Lake Dallas ISD
Lake Worth ISD
Little Elm ISD