Do the TRID rules apply to your Fort Myers or Cape Coral area real estate?
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 rule does NOT apply to Home Equity Line of Credit transactions reverse mortgages mortgages secured by a mobile home or other dwelling that is not attached to real property.
Also, TRID rules do NOT apply to loans made by a person or business that makes 5 or fewer mortgages in a calendar year.
More questions about TRID? Call Title Junction – The Premier Title Insurance Provider Serving Cape Coral, Fort Myers And The State Of Florida. Call 239.415.6574.
In case you missed it, check out our last Title Junction post to help understand what Equity means.