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How can I compare between lenders?

Published 11:01 am Thursday, December 10, 2015

If you have purchased or refinanced a home, you know that understanding actual costs or specific terms of your mortgage can be very difficult to understand.

Well that has just changed. The Consumer Financial Protection Bureau has established new requirements commonly referred to as “know before you owe.”

Under the new requirements, you will get a loan estimate when you start the process and a closing disclosure when you close, both in a similar format. The good news is that you will easily be able to compare offers and it is much easier to understand.

The new regulations have a mandatory three day waiting period from the time the closing disclosures are delivered until you can sign, so be sure to speak to a mortgage advisor on how this may impact your closing date.

You can find more information, tools and resources at www.consumerfinance.gov or www.becuhomeloans.org.