About the New 'Know Before You Owe' Forms, Expected to Simplify Mortgage Understanding for Home Buyers
By 2015, consumers buying a home will have much simpler mortgage forms to review, helping consumers understand their home loan.
“All lenders will have to provide simple disclosure, saving home buyers from wading through a telephone-directory sized document to get the gist of the financial end of their home loan. Even small lenders will need to do this.”
Consumer Finance.gov has a fact sheet regarding the announcement at http://files.consumerfinance.gov/f/201311_cfpb_factsheet_kbyo_mortgage-disclosures.pdf that explains progressive changes that are expected.
San Diego Mortgage News is an additional resource for helpful information for those who want information about home loan programs, San Diego jumbo loans, and reverse mortgage info, too.
“Many buyers find the process of obtaining a mortgage very daunting.” Sleder said, “These new forms will simplify things in a big way. Consumers should not, in the meantime, be afraid to ask questions. And one of the many benefits of dealing with a mortgage broker is that consumers have a knowledgeable advocate available to help you understand every facet of the home-buying process.”
About San Diego Mortgage News
San Diego Mortgage News is managed by Shanne Sleder who is with San Diego mortgage brokers; The Mortgage Planners. The Mortgage Planners provide pre-purchase consultations in San Diego at no cost to consumers. Visit http://www.sandiegomortgagenews.net/ or call 619-312-0612 for more information.
Shanne Sleder, The Mortgage Planners
10636 Scripps Summit Court, Suite 130,
San Diego, California 92131
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The Mortgage Planners
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