New Rules Help Borrowers at Closing

Check out this great Wall Street Journal article for information on the recent changes to the Good Faith Estimate as well as the new HUD-1 form.

In my years as a Real Estate Consultant I have been very fortunate to work with top notch lenders. Every time a client has chosen to work with one of the lenders from "the list" that I have provided for them, closing has happened smoothly, on time, and with no surprises.

Oddly enough, almost every (there has been ONE exception) time a client has chosen to work with a lender who is not "on the list" we have had turbulence, delays, and surprises.

These new changes are very welcome. They will benefit buyers in a very dramatic way. They also require lenders to be honest with the information that they provide our clients. One of the drawbacks of these changes is that it is forcing mortgage professionals who were not part of the problem to have many more hoops to jump through, something I certainly do not envy.

The most important thing to remember when working with both a REALTOR® and a mortgage professional is to work with highly skilled, qualified and ethical folks. You already know who to call in the Austin area - and it's important for you to know that we can help the people you like in other parts of the US and Canada by referring them to professionals that practice just like we do. Please - don't keep us a secret!