New Rules for Lenders in 2010 are GOOD NEWS for Consumers

Buying a home?  Need to refinance?  There has never been a better time than now.  Interest rates are at an all time low and there are still tax credits available to first time home buyers and "move up buyers."  Another great reason to get on the "mortgage bandwagon" is the protection you now have from the government.  Uncle Sam is making it virtually impossible for a consumer to be duped by a rogue loan officer or lender.  In fact, the new GFE (Good Faith Estimate) which was launched January 1, 2010 has had lenders scrambling to make sure they are in compliance with new regulations.  This new GFE along with the other regulations enhanced in 2009 make it safer than ever for consumers to obtain financing.  The federal government is drawing a line in the sand and taking no prisoners with the new GFE and Truth-in-Lending rules.  The new rules protect consumers from predatory lending practices by preventing a lender or broker from changing ANYTHING in the loan application without documenting it to the consumer.  Have you heard stories of people going to the closing table and finding out the interest rate they thought they had is 1% higher or the closing costs on their loan increased dramatically?  The new GFE makes this impossible with new re-disclosure rules requiring your lender or broker to let you know of any changes in your loan and giving you time to consider whether you will complete the loan with them.  Important things like the interest rate, origination charges, underwriting fees, appraisal fees cannot change at the whim of your lender or loan officer.  Only qualified items are allowed to change and only if it is a true and documented "change of circumstance."  You loan officer simply forgetting to disclose something to you does not qualify as a "change of circumstance."  If a charge is not disclosed to you it cannot be added after the fact.  Items that qualify as a "change of circumstance" include, but are not limited to,  appraisal review fees, repairs required by your lender, property address changing, purchase price or contract changes.

Now is the best time to enjoy a hassle free purchase or refinance with no surprises at the closing table.

For information on how you might qualify to purchase or refinance a home contact Steve Currington with Currington Mortgage Company.  Currington Mortgage is located in Tulsa, Oklahoma and is happy to provide local processing, local underwriting and local funding.

Call Steve today at 918-394-5626 (LOAN) or visit www.curringtonmortgage.com and find out how you can Own Your Doorbell.