New Law: 30 Day Escrows a Thing of the Past
The goal is to make the mind-numbing mortgage process much easier for consumers to understand. It’s called Know Before You Owe, which sounds simple enough. The means to that goal, however, is all-new paperwork and disclosure rules for lenders that went into effect this past Saturday and which some say could delay the mortgage process and cost consumers cash. The standardized forms spell out exactly how much a borrower must pay for closing costs and how much each monthly payment will be as the loan ages and potentially adjusts, right up until its term ends.