With the recent implementation of the new TILA-RESPA Integrated Disclosure (TRID) rules, the real estate closing industry is undergoing significant changes. Here are 5 things to keep in mind in order to have a successful closing:
- Give your lender any documents necessary to complete the loan as soon as possible. This is an easy step to ensure your closing occurs on time;
- Work with your real estate agent to conduct home inspections, order any reports (e.g., pest inspection), and clear any contingences well in advance of closing;
- Communication is key: tell your lender, agent, and attorney about any changes to the transaction that you think might impact the loan or closing;
- Under the new TRID rules, borrowers must receive the Closing Disclosure (formerly the HUD-1) at least three business days prior to closing. If possible, try to avoid last minute changes to the loan product, as this could result in an additional three business day wait before the loan can close;
- Be sure to bring at least one form of photo identification to closing (e.g., driver’s license, passport).