This may have happened to you–you shopped for your mortgage and found a good deal. You intelligently got an estimate of costs for your mortgage, but when you closed on your loan, the actual costs of your mortgage were MUCH higher. Of course you were angry, and you might have had to scramble to come up with extra money to buy or refinance your property. Well, the good news is that there will no longer be nasty surprises at closing. Starting January 1, 2010, if your actual costs aren’t very close to what the lender disclosed to you, you aren’t responsible for paying them–the LENDER HAS TO PAY THE EXTRA CHARGES. Continue reading ‘No Nasty Surprises at Closing: New Regulations for Good Faith Estimates’
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