The financial crisis of 2008 and onward shone a lot of light on the real estate market, especially on how something as important as homes for Americans could become a financialized asset and that some buyers might not have gotten enough information about their mortgages before they had to sign off on them. For North Carolina buyers and other Americans, there are three recent changes to the process of buying a home that is important for closing the deal.

New loan estimate form

Previously, there were two forms that would be sent out to anyone who applied for a mortgage loan — the Good Faith Estimate and Truth in Lending Disclosure. These were combined into a new Loan Estimate form, which also has added information. It gives the applicant full information about the loan if he or she is approved, including the total loan, the payments, taxes, closing costs, and more.

The new closing disclosure form

This real estate document also replaces two older forms. It has updated and confirmed costs, taxes, fees, and details about the mortgage and the house sale so that it is clear who pays what between the buyer and seller and what the terms of the mortgage are.

New three-day rule

Both of these new forms have a new rule that ensures they arrive in a timely manner. The Loan Estimate form must be sent to a loan applicant within three days of the application, and the Closing Disclosure must be sent at least three days prior to the deal closing. Before, there was no required timeline, so buyers might have less than a day to review the papers with their lawyers under the old rules.