New rules require mortgage lenders to begin issuing "good faith estimates" to borrowers explaining loan fees and settlement charges.
This means borrowers fees must be identical from application-time to closing.
23 News Real Estate expert Terry Bloom says the rules will help us better understand the terms of our mortgage... And make it easier to compare loans from different lenders.
" It creates more of an opportunity for the mortgage lender and the client to discuss it. the goal is for the client to actually understand what they are being charged what the interest rate is and what their closing is going to look like and its being regulated to the point where there is going to be very little variance to that,"
Once the Good Faith Estimate is written... Borrowers have eight days to lock in the interest rate specified on the agreement.