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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