New 3-day home loan rules for buyers

Everyone getting a home loan now gets three days to review mortgage closing documents before they have to sign on the dotted line. This new rule, dubbed “Know Before You Owe,” is part of what the mortgage industry calls TRID – or the new TILA RESPA Integrated Disclosures.

It means that if you are buying or refinancing a home, you’ll receive your new, easier-to-use closing document – called the Closing Disclosure – three business days before closing. It’s designed to give you more time to understand mortgage terms and costs so that you “know before you owe.”

According to the U.S. Consumer Financial Protection Bureau, by requiring your lender to provide Closing Disclosure before you sign, surprises should be eliminated from the closing table. Also, if you want to talk to your lawyer or someone else for advice, you will have time to ask all the questions you might have about the terms of your mortgage.

The CFPB publishes a comprehensive website about all the new “Know Before You Owe” rules at

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