Lenders have always had to disclose the overall cost of your loan and other information during the lending process. This includes fees and the actual Annual Percentage Rate. Lenders that are not reputable would play games with the rate by adding fees. Many clients would close with a higher rate because the lenders would change the fees at the last minute. This act requires that lenders redo the Truth in Lending disclosure if the APR goes up by .125% or more. It also requires that closing must wait 3-7 days so that the buyers have time to understand any changes that may have happened. This can sometimes cause an issue when purchasing a home because this waiting time can't be waived. It is required and closing will sometimes be delayed. This also can increase costs for the seller and buyer for items such as interest, storage costs due to delayed closing and more.
For your Tulsa mortgage, contact Steve Currington with Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com
For all your Tulsa, Oklahoma area real estate needs, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com
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