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Are lenders’ “junk fees” pushing the high cost of closing on a home even higher? The federal government thinks so.
The Consumer Financial Protection Bureau (CFPB) says fees need to be more transparent, understandable, and reasonable.
Why are the fees charged? Are they really “junk”? Do borrowers get a say in what they pay? Let’s take a look.
Continue reading “Consumer Financial Protection Bureau Gets Tough on Mortgage Loan Junk Fees”
Know Before You Owe is a set of mortgage guides from the Consumer Financial Protection Bureau (CFPB). It shows home loan seekers the steps they need to take to open and handle a mortgage account. It provides detailed information on interest rates, and explains how to find comparable deals on loans, too.
This makes perfect sense. Home seekers should know what they’re signing up for. And who wants “gotcha” moments or sudden clarifications once it feels (or really is) too late to back out?
So, the mortgage lender legally must give the borrower an official set of closing disclosures at least three business days prior to closing day.
Why not check it out earlier?
Continue reading “Before Applying for Your Mortgage, Get Familiar With the Official Consumer Toolkit”