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

Fees that can increase as much as 10 percent from the good-faith estimates, include:

• Appraisals
• Title insurance
• Recording fees from local governments.

Fees that can increase include

• Escrowed Initial deposits 
• Daily interest charges on the loan
• Home owners insurance

Now is a good time to purchase a home in Bluffton, Sun City or Hilton Head.