The Department Of Housing And Urban Development has created a new form that must be used by all mortgage brokers, banks and lenders. This form is known as the "Good Faith Estimate", and as of January 1st, 2010, they are in effect. This change will make it easier for consumers to see clearly what lenders are charging for their services, hopefully eliminating hidden fees.
The new form will make it difficult for lenders to deliver anything other than what they promised. It also encourages consumers to shop around for rates by adding a shopping cart comparison chart.
This is a great mediation by the Department of HUD. This should relieve some of the stress consumers face when shopping for mortgages and like Anderson Cooper says "keep em honest".
See the new form here.
Mortgage lender plays a pivotal role in keeping money flowing throughout the mortgage market industry. The lenders sometimes have to pay off property tax liens in order to protect the mortgage lien on the property. Thanks a lot...
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This is a nice post. I had a friend in abroad whose planning to have a property there. I will refer this to my friend. Thank you and keep posting.
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