The new requirement that started back in 2009 is part of the Mortgage Disclosure Improvement Act (MDIA) and implements new loan procedures to protect borrowers and foster greater transparency in mortgage lending.
Good Faith Estimate
If the Annual Percentage Rate on an initial Good Faith Estimate is no longer accurate at close of escrow, a lender must generally provide a Beacon Hill condo borrower with a new disclosure and a three day right to rescind before consummating the loan. Boston Realtors are forewarned that, because of this new three day waiting period, a lender’s failure to timely provide corrected disclosures has the potential of delaying funding of the loan and close of escrow.
Conclusion
If you are a Boston Beacon Hill Condo or Boston Midtown condo homeowner or if you are thinking about investing in Downtown Boston and have questions please contact us at 617-595-3712 or reach us via email at realtyford@yahoo.com
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Get new listing alerts delivered to your inbox. 42 Results Open House: Apr 12, 2025, 12:00 PM - 1:30 PM #73355770 | Condo Open House: Apr 9, 2025, 5:00 PM - 6:00 PM #73343317 | Condo © 2025 MLS Property Information Network, Inc. (MLSPIN). All rights reserved.
The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein. MLS PIN data last updated at April 8, 2025, 5:41 PM ET
The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
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