I used to see a commercial for a lending brokerage that had a mortgage broker on the phone with a client asking how much his loan was going to cost them. The broker turned to a salesman and asked how much a luxury boat was going to cost then relayed that amount to his client as his quote for the cost of the loan.
Changes in disclosure and financing restrictions otherwise known as Regulation Z, have reduced hidden charges and costs to obtaining a mortgage. While the argument for free enterprise vs government intervention is not likely to end in my lifetime, the desire to understanding the financing process is as strong as ever. Bottom line - everyone wants to know if they got a good deal and not a shake down.
Click on the link below to find out the:
New Fed Rule for Mortgage Brokers
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