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Jimmymackin · Joined: 17 Aug 2009 Posts: 66 0.65 Dollars($)

What is your take on this?

It seems a little absurd to have a waiting period if the APR drops from the original disclosed amount?

I wanted to see what everyone elses opinion's are?

Thanks!

Jimmymackin · Joined: 17 Aug 2009 Posts: 66 0.65 Dollars($)

Is there another section I should post this in?

Niicss · Posted: Tue Aug 18, 2009 2:09 am Post subject:

As far as I've understood the Mortgage Disclosure Improvement Act, it is also required that if the APR changes by .125% or more, the borrower be informed about it no later than 3 days prior to closing. A change in APR means that there could be a change in the interest rate you pay on your mortgage and Prepaid Finance Charges. So if your rate or fees gets increased, you must be informed about it and given 3 days time prior to signing so that you can decide whether or not you would go ahead with the loan.

Jimmymackin · Joined: 17 Aug 2009 Posts: 66 0.65 Dollars($)

that is correct you will have to re-disclose if the APR adjust .125 in either direction...it is understandable to protect the consumer by giving them amble time to review the new loan terms if the APR rises...My question was what is the logic behind having to have a 3 day waiting period if the APR goes down?

adonis · Posted: Wed Aug 19, 2009 12:03 am Post subject:

Perhaps the logic behind having a 3 day waiting period is to give the borrower some time to arrange for the extra cash or let him decide whether or not he would be able to afford the loan.

Company	Loan Type	APR	Est. Pmt.
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