Friday, October 16, 2015

2015 Mortgage disclosure laws have changed ...

Getting a mortgage may take longer under new rules ...


Borrowers are being advised to prepare for delays, have all paperwork ready before even starting the mortgage process, and possibly consider spending the extra money upfront for a longer lock term due to new rules for lenders that went into effect this past Saturday. The goal of the new “Know Before You Owe” process is to make the mortgage process much easier for consumers to understand. This has resulted in all-new paperwork and disclosure rules for lenders. The rules are designed to hold lenders accountable and protect consumers against what happened during the last housing boom.
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