From Loan Estimate to Closing Day (and Keeping Your Home)

1. Chiedi almeno a tre finanziatori una Stima del Prestito, ad esempio una banca, una cooperativa di credito e una società di mutui. Un finanziatore deve inviarla entro tre giorni lavorativi dalla richiesta.
2. Richiedi entro poco tempo, ad esempio due settimane. I punteggi di credito includono diversi controlli di credito effettuati dai finanziatori ipotecari ravvicinati come un'unica inquisizione. A seconda del punteggio, quella finestra è di 14-45 giorni.
3. Assicurati che ogni stima riguardi lo stesso tipo di prestito, importo e acconto, così da poter confrontare in modo equo.
4. Confronta tasso di interesse, punti, TAEG, rata mensile, costi di chiusura e liquidità per la chiusura.
5. Chiedi a ciascun finanziatore di spiegare qualsiasi commissione che non capisci. Puoi chiedere: "Puoi ridurre questa commissione o eguagliare questa altra offerta?"
6. A pagina 1, verifica se ci sono penali per il rimborso anticipato (una commissione per il pagamento anticipato del prestito) o un pagamento a palloni (un pagamento molto elevato dovuto alla fine). La maggior parte degli acquirenti dovrebbe evitare entrambi.

I tassi ipotecari cambiano ogni giorno. Un blocco del tasso mantiene il tasso per un periodo prestabilito, spesso 30, 45 o 60 giorni, purché tu chiuda nel tempo e nulla cambi nella tua domanda. Chiedi il blocco per iscritto.

Anche con un blocco, la tariffa o i costi possono variare se:

• Cambi il tipo di prestito o l'importo dell'acconto,
• La perizia (una stima professionale del valore della casa) è superiore o inferiore rispetto alle aspettative,
• il tuo punteggio di credito cambia, oppure
• Il finanziatore non può documentare parte del tuo reddito, come straordinari o bonus.

Chiedi al tuo finanziatore: "Quanto dura il mio lock? Quanto costerà prolungarlo se la chiusura dovesse essere ritardata?" Le proroghe possono essere costose.

The lender must give you the Closing Disclosure at least three business days before closing. (In the DC area, closing is often called settlement.) Use those days to compare it with your latest Loan Estimate, line by line.

Which costs can change

• Cannot go up (unless something in your application or loan changed, or your rate was not locked yet): fees paid to the lender or mortgage broker, such as points and origination fees, fees for required services you were not allowed to shop for, and transfer taxes.
• Can go up, but by no more than 10% in total: recording fees, and fees for required services when you chose a provider from the lender's list.
• Can change by any amount: prepaid interest, homeowners insurance, escrow deposits, and services the lender does not require.

An escrow account is money your servicer collects with each monthly payment to pay your property taxes and home insurance for you. At closing you usually put some money in to start it.

If a fee went up more than the rules allow and nothing changed, you are entitled to a refund of the extra amount. Some changes also give you a new three-day waiting period: the APR on a fixed-rate loan goes up by more than 1/8 of a percentage point, a prepayment penalty is added, or the loan type changes, for example from fixed to adjustable.

Closing-week checklist

• Compare the Closing Disclosure with your Loan Estimate: loan amount, rate, monthly payment, points, fees, and cash to close.
• Ask the lender about every difference before closing day.
• Set up homeowners insurance. Lenders require it.
• Confirm how to pay your cash to close by calling a phone number you already trust.
• Do a final walk-through: visit the home to check that it is in the condition you agreed to.
• Bring a photo ID. If you need an interpreter, arrange one ahead of time, or bring someone you trust.
• Do not sign anything you do not understand, and never sign blank pages. Keep copies of everything.

Fewer work hours, a layoff, or a medical bill can make it hard to pay. The most important step is to act early. Foreclosure is the legal process a lender uses to take and sell your home when you stop paying the mortgage. Generally, the foreclosure process cannot start until you are more than 120 days behind. Use that time.

1. Call your servicer as soon as you know you might miss a payment. The phone number is on your monthly statement.
2. Ask about loss mitigation options, such as a repayment plan, a forbearance (a short pause or lower payments), or a loan modification (a lasting change to your loan terms).
3. Send a complete application quickly. If your servicer gets it before the foreclosure starts, the servicer generally must review it before it can start the foreclosure.
4. Call a HUD-approved housing counselor at 800-569-4287. They can help you with the application, often for free.
5. Open every letter from your servicer and from the court. If you miss a deadline, you can lose some options.

Hello, my name is [your name]. My loan number is [loan number]. My income dropped on [date] because [reason]. I want to keep my home, but I may not be able to make my payment due on [due date]. What loss mitigation options do I have? Please send me an application and tell me every document you need and the deadline. May I have your name and a reference number for this call?

Local help

• DC: call the Foreclosure Prevention Hotline at (202) 265-2255. After you get a notice of default, you can use the DC Foreclosure Mediation Program, where you and your lender meet with a neutral mediator. Legal Aid DC and the DC Bar Pro Bono Center offer free legal help to people who qualify.
• Maryland: call the homeowner assistance hotline at 1-877-462-7555. Maryland also has foreclosure mediation for people who live in the home. You must ask the court for it within 25 days after you receive the court papers that start the foreclosure, and there is a fee. Maryland Legal Aid helps people who qualify.
• Virginia: call a HUD-approved counselor early. Legal Services of Northern Virginia helps people who qualify.

For more steps when income drops, see When Income Stops: Your First 30 Days.