I'm looking to buy a house, so "Who Moved My Cheese?"

Welcome to the new reality - at least in our local Tennessee mortgage market. Lenders are the "life blood" of real estate. We also know that at the end of the day, Lenders profit with the lion's share of every real estate transaction - when financing is involved. That even at current low interest rates, your amount borrowed over 10, 15 or 30 years ends up costing you many times the principal balance in interest payments over the life of your mortgage loan.

So enter "New Rules" - that hold Lenders more accountable to disclose (and re-disclose, if necessary) anything that would significantly affect your expected APR (of course, "annual percentage rate") while a house is under contract. New rules, that require you as borrower to provide information earlier in the real estate transaction. And new rules, that require those of us who are professional realtors to set realistic closing timeframes - which means to allow 45 to 60 days for many Lenders.

I look forward to helping you with your real estate needs. With decades of experience as a project manager, I will help you manage to the new mandated lead times. Also count on me to point you toward Lenders who understand these new requirements - and will help you navigate this brave new lending world. This change takes affect October 3 - be ready. And yes, our Tennessee real estate forms will change to accommodate the new requirements.

(For more info, read Dr. Spencer Johnson's book: "Who Moved My Cheese?")

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Bill Munson – Franklin / Nashville

Realtor, IT Executive, Educator, Community Developer

"Helping you to be a good steward of God’s gifts – your home and your children."

615-480-2955 direct / 615-778-1818 office / billmunson.kwrealty.com