Consumer Financial Protection Bureau Wants Mortgage Transparency
Most Americans, even those who are savvy home buyers, dread the thought of a mortgage. For that very reason, the Consumer Financial Protection Bureau (CFPB) is considering rules that it thinks would simplify mortgage points and fees and bring greater transparency to the mortgage loan origination market.
The rules, expected to be announced this summer and finalized by January 2013, would make it easy for consumers to compare mortgages and to understand the costs involved with those mortgages.
The CFPB is considering proposals that would require an interest rate reduction when consumers elect to pay discount points, require lenders to offer consumers a no discount point loan option, and ban origination charges that vary with the size of the loan.
In addition, the CFPB is proposing regulations that would set qualification and screening standards for all loan originators, who currently meet many different sets of standards established by the Secure and Fair Enforcement Act. The proposed rules would also prohibit loan originators from directing consumers into high costs loans simply because the originator could make more money.
You can Buy A Car At the Dealership Like A Pro. Here's How You Can Be Prepared.
So you're finally ready to trade in your current car for a new one! Congratulations on such an important step. If you've never bought a new car before, you may know nothing about the process. To begin with, there are a number of things you should do to get ready to buy the car before you ever step on the dealership lot.
Can you Use Money That Is Mistakenly Deposited Into Your Account?
Have you ever noticed that your bank account somehow had 'extra' money in it even though you knew for a fact it wasn't yours? If so, you are not alone. It happens more often than you would think. All it takes is for a bank teller to type in one wrong number at the time a deposit is being made.
Low Interest Automotive Financing Might Not Be Best Deal After All
Great rates do exist. But even if you are offered a low interest car loan, you can probably save more money by accepting a slightly higher rate and using rebates or other incentives or by getting your own financing and taking the rebates and incentives.
Following These Tips Can Help You Save Your Hard-Earned Money at Tax Time
Many people feel like they just can't get ahead when it comes to money. What you may not know is that saving during tax season can start you on the path to financial security. We urge you to take advantage of tax season to prepare for unexpected emergencies or plan for the future. Here are some tips to help get started.