closing cost disclosure: Consumer-Friendly Closing Statments Mandated - 11/09/09 06:54 AM

Heads  Up, Bluffton South Carolina Home Buyers 
The Department of Housing and Urban Development will require that closing costs be spelled out on a new, consumer-friendly version of the good-faith estimate form. Technically, lenders are to furnish borrowers this information within three days of applying for a mortgage. 

A new HUD-1 form will be in force, effective January 1, 2010. The new forms permit borrowers to compare good faith estimates with the actual closing fees. 
There are three categories of fees--
Fees that cannot increase from the good-faith--these include:
Lender mortgage origination  Underwriting charges  Lender points  Local transfer taxes … (0 comments)