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The Modern Homebuyer is Now Protected

Buying a home can be an intimidating experience. There are a mountain of numbers and forms to fill out and a lot of blind trust that goes into what realtors, sellers, and mortgage companies are saying. There are many stories of today’s modern homebuyer getting scammed (not from United Mortgage, but from less reputable companies full of false promises and deals that are “too good to be true”) that should put a healthy fear into the buying process as they look into their first home mortgage. But, according to Mortgage News Daily and the National Association of Realtors, thanks to sustained job growth and low mortgage rates, home buying is the highest it’s been in 9 years.

How Does This Affect You, the Modern Homebuyer? 

There are two main ways that this current market trend of high home sales positively affects the modern homebuyer. First, with so many homes being sold, mortgage rates are extremely low compared to what they’ve been over the past decade. Now is a great time to buy or refinance a home.

The second, and maybe most important, is that the mortgage process has been changed to protect the cornerstone of the housing market: you, the buyer.

According to CNN Money, new mortgage disclosure rules went into effect in October in order to reduce the amount of fraud and/or intentional complication of the mortgage process to trick the homebuyer into settling for last-second rate changes

The previous system required four forms to fill out, the new system only requires two.  One of which is required to be sent to you three days after a submitted application, meaning it’s now easier to shop several agencies (and yes, we encourage you to shop, especially because we believe in our company and rates and know you’ll come back when you’re ready to start a great business relationship).  Also, this form breaks down estimated closing costs so you’re not surprised by them at the end of sale.

Modern Homebuyer Form

Preview of the new mortgage form to protect the modern homebuyer

 

Check out the rest of the form here and see how easy it is to use:  http://www.consumerfinance.gov/owning-a-home/loan-estimate/.

Why Are We Excited?

We’re excited because more and more companies, and the government, are taking an ethical approach to the real estate and banking business, which now protects you, the consumer. And the more that consumers are protected, the more homes will be purchased, and the more the entire housing market will thrive as it’s designed to.

We here at United Mortgage do not trick our customers. We do not sneak in hidden costs at closing. We do not use shady and illegal techniques to get more money out of you. Instead, we value you. We want you to return to us as you buy another home, upgrade, or refinance in the future. We pride ourselves in building lasting relationships and leaving a positive impact on our community. We value our reputation because we believe that a reliable brand that you can trust is the real backbone of modern business. It’s why we want to not just be your mortgage lender, we also want to educate you on current market trends and business practices so that you are empowered.

Buying a home, especially a first home, is a milestone in one’s life. It doesn’t have to be scary. It should be celebrated. And we’d love to do that with you.