REALTORMag
More than half of lenders last year gave loan estimates to home buyers that later had to be revised before closing, according to a new survey released by ClosingCorp, a provider of data on closing costs and technology related to residential real estate. Fifty-eight percent of recent home buyers say their initial loan estimates changed, citing closing costs, insurance costs, and taxes as the most common fees that needed to be adjusted.
The survey, which questioned 1,000 first-time and repeat buyers who purchased a home between Jan. 1, 2016, and Jan. 1, 2017, comes at a time when the year-old TILA-RESPA Integrated Disclosure (TRID) rule aims to help consumers better understand closing costs. The main reasons for adjustments in closing costs, according to the survey, were changes in the loan amount buyers could qualify for as well as inaccurate lender estimates. Twenty-three percent of survey respondents say closing costs changed because of a request on their part.
