WOO HOO my clients were able to get a cut on their interest rate. They are doing a VA loan and were eligible for one cut if the interest rates dropped and they did. I got a call from their lender today saying the interest had dropped but it would have to be re-submitted and would delay closing; would the seller agree. In this case they are already in the house (leasing back before closing) so they can just pay the seller's for the extra days; no big deal as it is only a few days.
This would not have been the scenario had this happened after July 30th. With the new Truth in Lending Act that goes in to affect July 30th they would have had to wait 7 business days to go to closing. Perhaps the seller's would have agreed to the extra time but who knows; there is quite a bit of difference between a few days delay and almost 2 weeks.
I'm a bit dumbfounded as to the reasoning behind the new law. I'm sure it has to do with what has happened in the lending industry but there will be no more quickly flipping to another lender when things don't work out or even flipping to a new loan.
I tried to find the new law but when I did a Google search this is what I found http://www.fdic.gov/regulations/laws/rules/6500-1400.html. I'm sure it is in there somewhere but I searched around and did not find it. So someone please explain to me why this is good?
___________________________________________________________________________________________________
If you are buying or relocating to Spring Texas and need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332.
If you would like information about Spring please visit my websites at www.AgentwithResults.com and at www.Results Realty. The AgentwithResults site is rich in Content about Spring. If you prefer pictures with your content then visit my ResultsRealtyTX site.
Want to find out about new Spring properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.
Click the button to the left to search our local MLS.
