Albuquerque Business First
Come Oct. 3, the home lending process will require a bit more paperwork with the "Know Before You Owe" rule.
Enacted by the Consumer Financial Protection Bureau, the rule requires home lenders to provide a "closing disclosure form" to the homebuyer three days before a home sale is closed. The form lists the home transaction's fees, the cash needed to close on the house, and the rate, terms and costs over the life of the loan. The form is also supposed to be easier to understand. Click here to read more