Monday, December 20, 2010

Maryland Real Estate Authority

Maryland Real Estate Authority

Mandatory Alerts About Credit Scores and Mortgage Rates

Posted: 20 Dec 2010 02:00 AM PST

As a nation, we are still reeling from and trying to counter the effects of the last time the housing bubble burst. There has been more regulation of the mortgage industry in an effort to prevent what has happened over the last few years from happening again.
The Washington Post recently reported that starting on the first of the year in 2011, mortgage lenders will have to include "a mandatory alert on how their credit scores might affect the rate quote and terms they receive from their lender."

While experts do not agree on whether or not these new measures will be effective, it is not a bad idea to give consumers an opportunity to reconsider taking a loan that may not be to their advantage. The reality is that while people can check out their credit scores, some will not. This will put that information right is front of them, if they are willing to pay attention.

What it cannot prevent is what happens when someone who can honestly afford to buy Maryland real estate finds that down the road they can no longer afford it because of some change in their circumstances. If this is you and you want to discuss options for foreclosure or a short sale, get in touch with John Day. You can reach him directly via phone at 410-507-2909.
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