Saline Real Estate and Homes for Sale

You've found the home you want to buy, and have quotes for your mortgage - so how do you go about comparing home mortgages for Saline real estate?

If you've been following my blog for any time, you know that I place high value on working with a local lender (because nothing can replace the ability to go pound on a desk).  You've also read about the various local options for your mortgage.  Each lender will comply with RESPA (Real Estate Settlement Procedures Act) guidelines by providing you with a "good faith" estimate.

But let's face it:  Unless you have a law or accounting degree, fully understanding the RESPA paperwork is out of reach for most of us. We have to trust our mortgage professional to provide what they describe in language we can understand.

Late last year, new (simplified) RESPA forms were enacted to try to cut through the legalese and bureaucratic mind-numbing language.  The main component is a 3-page Good Faith Estimate that will disclose the key elements of the mortgage, so you can compare apples to apples.

From the Wall Street Journal:

Among other things, the new rules, debated for years, are supposed to help consumers compare terms on loans offered by different lenders and limit the ability of lenders to offer final terms that are far different from initial estimates given to potential borrowers.

Many Americans now in default on their mortgages say they didn't fully understand the terms of loans they were encouraged to take during the housing boom.  One big problem is that legally mandated disclosures are so voluminous that almost no one ever reads them before signing.

There is general agreement on a need for simpler forms of disclosure. "In today's market, people shop more effectively for a new flat screen TV than they do for a mortgage," the Mortgage Bankers Association, a trade group, told Congress in testimony earlier this year.  But the association said HUD's planned rules failed to simplify the process.

Well, what do you know?  A government rule designed to "help" us in comparing home mortgages for Saline real estate!

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If you have questions about your specific situation, or if you're considering buying any Saline real estate, you owe it to yourself to take advantage of my experience in the Saline market.  I'd be happy to meet with you!  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

You can search for homes and condos in Saline here.

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