Senate Passes Wall Street Reform!

Take a look at this short article at Realtor.com.  It gives some idea of what effect the bill will have on real estate matters.  There will be some extra protections for borrowers, and it will make it less likely when the real estate market heats up again that lenders will allow stated income loans, which were loans where a borrower’s ability to pay wasn’t checked carefully.  This will make it harder for people who are independent contractors to get loans, […]

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Senate Approves Financial Reform Bill

As far as buying a home goes some changes that this bill will create are: Limits how lenders can penalize borrowers for paying off their loan early (prepayment penalty). No more stated loans…that’s where the lender trusts you to tell them the truth about your financials without proof in exchange for a higher interest rate. Lenders and brokers won’t be allowed to push borrowers to accept loans with higher interest rates or with risky features…I’m curious how they are going to govern […]

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