Homebuying June 19 2018

Homebuying Hurdle: Industry Reputation

It’s natural to feel a little weary about home buying and the mortgage industry. The financial crisis of 2008 created the largest disruption to the U.S. housing market since the Great Depression, leaving a lot of Americans to lose out on the dream of homeownership. Luckily, policymakers were proactive in establishing and trying to ease the effects of the crisis to help ensure that it does not happen again in the future:

Consumer Financial Protection Bureau

As a response to the financial crisis, the Consumer Financial Protection Bureau (CFPB) was created. The CFPB is a government agency responsible for protecting the consumer from unfair, deceptive or abusive practices.  Their main focuses are student loans, credit cards, and mortgages. The CFPB enforces rules for financial institutions, they also address consumer complaints. They even accept suggestions from consumers through social media and their website. No matter what, the Consumer Financial Protection Bureau exists to protect you.

The Loan Estimate

A Loan Estimate (also known as an LE) is a document that breaks down all of the estimated payments due upon closing your mortgage loan. This is set to help borrowers shop and compare costs. The LE outlines all of the costs of your mortgage loan, including loan amount, term, interest rate, and more. Lenders are required by law to provide you an LE within three business days of receiving your loan application.  

Get to know your loan estimate.

What to look for

 

TILA-RESPA Integrated Disclosure

The TILA-RESPA Integrated Disclosure is commonly referred to as TRID (only in the mortgage industry will you find an acronym for an acronym) and was designed to help borrowers understand the terms of their home financing. It is known as the “Know Before You Owe” rule. Thanks to this rule, you will find that your loan documents are easier to read and that all of the terms are clearly displayed in order to assist you in making an educated decision, before you agree to make, potentially, the largest purchase of your life.

Why Trust Eagle?

We set high standards when it comes to caring for our customers and our community. Our core beliefs – Quality, Value, and Integrity – are part of the underlying foundation on which we were built, and they continue to guide us today. Our associates are committed to always doing the right thing for the right reason and approaching your home loan with integrity.  

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