Like to Save $700?

I sure do!

Good news in the real estate world today – thanks for the heads up, Ashton!

HUD Issues New Mortgage Rules to Help Consumers Shop for Lower Cost Home Loans
New ‘Good Faith Estimate’ will help borrowers save nearly $700

WASHINGTON – For the first time in more than 30 years, the U.S. Department of Housing and Urban Development today issued long-anticipated mortgage reforms that will help consumers to shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. HUD will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. HUD estimates its new regulation will save consumers nearly $700 at the closing table.

It took 30 years to make this happen? Click through to read all the details from this week’s news release.

Posted by Lisa Jeffries Nobling

A good old-fashioned Southern girl - at home in the modern world.