New Scheme to Make Home Buying Easier

Buy Henderson Homes - Senior Couple

Thanks to the new ruling implemented by the Consumer Finance Protection Bureau, home-buying can now be made simpler for people especially those who aren’t in a position to pay in full cash.

Dubbed as Regulation Z, it currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer’s ability to repay the loan.

In addition, it also requires creditors to determine ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for “qualified mortgages.”

Also, it limits prepayment penalties and requires creditors to retain evidence of compliance with the rule for three years after a covered loan is consummated.

According to CFOG Director Richard Corday, these new rules allow home buyers to be free from debt traps, surprises, and runaround, this fuss-free and back-to-basics approach allows home buyers to close the best deals through working with mortgage brokers.

This not only gives Las Vegans the best homeownership deals especially those who are credit-challenged but it also helps improve the status of both the national, statewide, and citywide economy.

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