How TRID Makes an Easier Process for Buyers

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Today I'm here with Tom Ross from Nova Home Loans, and we are going to discuss a massive change in the lending world. It's called TRID, which stands for Truth in Lending RESPA Integrated Disclosure. TRID is designed to simplify the lending process for the consumer. How will the new TRID law affect you?  

Right now when you close a loan, there are three essential pieces of paperwork: the good faith estimate, the truth in lending statement, and a settlement. The problem is that those three pieces don't seem to fit together. It is simply a counter-intuitive process that causes stress and confusion for the buyer. 

The new TRID law essentially compiles those three pieces of paperwork together. Instead of the good faith estimate, you will get something called a loan estimate. It will look similar to the good faith estimate, but it will also have information that usually goes on the truth in lending statement. When you go to close, instead of getting a settlement, you will get a form called a closing disclosure. The closing disclosure looks exactly like the loan estimate. This way, your initial documents will look like your final documents, which creates less confusion. 

Another change is that our consumers will now have a mandatory three day waiting period before they can sign their final loan documents. The waiting period eliminates rushing around to assemble all the papers  you need in order to close the next day, which is phenomenal for our consumers. 

Overall, the TRID law will probably add about 15 days to the escrow process, which is currently 30 days. The new 45 day escrow process is really aimed to protect the client, as it allows more time for things like inspections and assembling paperwork. 

If you have any questions, you can contact Tom at 602-791-5861, or email him at Tom.Ross@NovahomeLoans.com. As always, if you have any questions about real estate, call us or send us an email. We'd love to hear from you!

Why You Should Hire a Buyers Agent

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Today, I'm here with my buyer specialist, Holly Huntimer. We're going to discuss the many benefits of hiring a buyer's agent.

First of all, by hiring a buyer's agent, you know you're going to get fair representation. In the past, there was just one agent. Now, you have a listing agent to represent the seller's best interests and a buyer's agent will invest all of their time in helping you meet your home buying goals.

What sets the Monique Walker team apart from the rest are our skills and our experience. Holly is a certified negotiation expert. She helps the MIke Ferry organization with a buyer specialist training program. As for experience, our team did over 100 deals last year, and over 80 deals this year, so we certainly know our way around the process.

A good buyer's agent will tell you that it's very important to be committed to the buying process. Get pre-qualified before you even start looking for a home and sit down and do the buyer consultation so we can figure out what you're looking for. Our goal is to save our clients time and money, so we need to know what your goals are.

We give our clients an edge simply by communicating with everybody in the transaction. It's very important to continue communication with the lender and the seller's agent. That way we can make your offer more appealing, because we know what the seller needs and can get you the home without necessarily raising the price.

To see the reviews on Zillow, click here. 

Even if you're buying new construction, you should have a real estate agent to represent your needs. People forget that the builder's agents are essentially salespeople, and they work with the builder's interests at heart.

If you are a buyer and have question for Holly, you can call her at 623-451-8494 or email Holly@MoniqueSells.com. As always, if you have any questions for me, give me a call or send me an email. I look forward to hearing from you.