"These mortgage agreements can be pretty frightening to people," "There's a lot of tiny print", says President Bush in a speech on the economy.
A proposed revision by HUD to the thirty four year old Real Estate Settlement Procedures Act mandating a federal disclosure form be given to consumers buying or refinancing homes to include a summary of loan terms, interest rate and monthly payment, whether the interest rate and principal can increase, whether the loan has a prepayment penalty or balloon payment, and settlement costs would create a better understanding of these terms and would save a prospective home buyer an average of $700 in closing costs.
Comments(5)