Orlando Mortgage Blog

Closing Cost REBATE Facts!

January 29th, 2014 2:10 PM by BILL WILBANKS


"PLEASE READ AND SPREAD THE WORD"

On October 30, 2013 I posted a blog entry that addressed a little known rebate issue faced by mortgage borrowers due to the new Federal legislation relating to mortgages now in effect . I'm posting it again. Why, because it is so important to my industry and consumers as a whole that anyone in the market for a mortgage or that knows someone who may be, needs to read the following article closely and take steps to do some serious shopping for that next new mortgage.

It has to do with mortgage rebates or credits to your loan costs that a broker must fully disclose and pass on to the borrower, that a company acting as a "lender" (that is lending their own money), does not have to pass on to the borrower. The day of making the assumption that a lender has lower costs and rates than a broker never has been true, but it's even more important to understand that with new regulations now in effect, that lender can quote the same rate a broker quotes you, but DOES NOT have to pass on or even inform you of any rebate dollars that might be available to you, that I as a broker must by law inform you about

Here's that newspaper article link again. Please pass it on to everyone you believe may be looking for a mortgage today...and DON'T ASSUME YOU KNOW...shop around:  

http://www.charlotteobserver.com/2013/10/24/4395253/the-take-on-closing-cost-rebates.html#.UnEoSvmTjYt

Bill Wilbanks

Posted in:General
Posted by BILL WILBANKS on January 29th, 2014 2:10 PM

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