Do the TRID rules apply to your Fort Lauderdale 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 All Florida Title Company – Our goal is make the closing process as easy as possible for all parties involved. Call 954-566-2200.
In case you missed it, check out our last All Florida Title Company post to help understand what Equity means.