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Thursday Jul 30, 2015

CFPB Website Full of Complaints

Mortgage Loan horror stories and complaints populate the Consumer Financial Protection Bureau's website. So, what can you do to protect yourself during the lending process?
Interest Only Loans are making a comeback, but are they right for you?
TRID, the "Truth in Lending and Real Estate Settlement Procedures Act Integrated Disclosure" has been delayed until at least October 3, 2015. This new disclosure will provide additional protection for consumers from unscrupulous lenders.
Two thumbs down! You've seen them on the sliver screen-- actors, using their performances to pull you into an incredible scene. But, just because they're good actors doesn't make them experts in reverse mortgages. Quite the contrary.
If you think you're dealing with a local company, think again. When becoming pre-qualified for your mortgage, you may THINK you're going to be dealing with a local lender-- sometimes that's not the case.
Just because a company offers a no closing cost loan, doesn't mean you will escape closing costs that all loans come with, like appraisal and title fees, which can be in the thousands. When a lender is advertising a loan with no closing costs it essentially means that they are…
Interest rates on mortgages are very low right now, making it a great time to apply for a mortgage and acquire new property. Yet, with interest rates being so low, it is easy for shoppers to become complacent and accept a rate that is "low enough" as opposed to the…
A very recent national study shows that realtors prefer working with mortgage brokers over banks when referring a lender. Mortgage brokers were the preferred choice at 47%, banks came in at 31%, and non-bank lenders came in at 22% (non-bank lenders can also be classified as net-branches). When indicating their…
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