Delete Initials Field into the Interest Rate Lock Agreement and eSign it in minutes

Aug 6th, 2022
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How to Delete Initials Field into the Interest Rate Lock Agreement

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why and when does my interest rate get locked you know everybody who is getting a home loan at some point wants to know the answer to this question and its super understandable why people are interested in this theyre worried about missing out on rape and today ive got tom hemmington with me hey tom thanks for joining us today thanks for having me john by the way tom is the loan officer that i refer to here in the phoenix metropolitan market and today were going to talk about understanding how it is and when it is that the interest rate gets locked and people want to know about this because theyre worried about missing out on a really good rate and there are things that need to happen before the rate can get locked but it really moves pretty quickly tom once you explain to us how the interest rate gets locked and when it gets locked sure so john i would say on on a purchase transaction uh the first thing that we start to work backwards from is what is our close of escrow date so y

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By signing the initial disclosures you are not agreeing to any terms, especially if the interest rate is not yet locked. All your signature does at this point is authorize the lender to begin work on the loan file.
TRID rules apply to MOST consumer credit transactions secured by real property. These include mortgages, refinancing, construction-only loans closed-end home-equity loans, and loans secured by vacant land or by 25 or more acres.
The three-day period is measured by days, not hours. Thus, disclosures must be delivered three days before closing, and not 72 hours prior to closing. Note: If a federal holiday falls in the three-day period, add a day for disclosure delivery.
Once you receive your Closing Disclosure, youll know what you owe at closing and your monthly mortgage payment amount. After you sign the disclosure, you and your lender cannot change the mortgage terms. However, you can still opt out of the loan if you change your mind.
Timing Requirements The 3/7/3 Rule The initial Truth in Lending Statement must be delivered to the consumer within 3 business days of the receipt of the loan application by the lender. The TILA statement is presumed to be delivered to the consumer 3 business days after it is mailed.
You can back out of a mortgage rate lock, but there are consequences. Backing out of a rate lock means giving up the application youve put time and money into. Youll have to start your mortgage application over from the start, and youll likely have to re-pay fees like the credit check and home appraisal.
Federal law mandates the Initial Closing Disclosure be signed three business days before closing. A delay in signing the Initial CD will result in a delayed closing.
Does a closing disclosure mean your loan is approved? No, a closing disclosure does not always mean your loan is approved. You may find incorrect information or something you want to change. Your lender also has the opportunity to back out if they find something new that makes them change their mind.
Note: If a federal holiday falls in the three-day period, add a day for disclosure delivery. The three-day period is meas- ured by days, not hours. Thus, disclosures must be delivered three days before closing, and not 72 hours prior to closing.
Initial disclosures are the preliminary disclosures that must be acknowledged and signed in order to move forward with your loan application. These disclosures outline the initial terms of the mortgage application and also include federal and state required mortgage disclosures.

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