In a knee jerk response to the mortgage crisis, some really “smart” folks in Congress think they are doing the right thing by preventing home buyers from using the Yield Spread Premium to pay for closing costs, including origination fees that all mortgage folks use to get paid. Some members of Congress have proposed and now have the House of Representatives voting on HR 3915. This bill is also known as the “Mortgage Reform and Anti-Predatory Lending Act of 2007”. Enacting this bill will essentially force all mortgage brokers to charge you points to arrange a mortgage for you. This means that if you are going to use a mortgage broker to buy a home, or refinance, you’ll have to take more money out of your pocket to do so.
For more information on this topic go to: GetPreQualified.com
No comments:
Post a Comment