No More Closing Costs

Some good news for home buyers and those who want to refinance, HUD is working on eliminating those surprise closing costs that often come-up last minute. HUD is hoping that by January 1st this situation that so many people find themselves in, will be a thing of the past. Bank and mortgage lobbies are pushing for a delay on this change. The changes that are to be set in place include:

* Fees that cannot increase from upfront estimates to final closing.

* Fee estimates that come with wiggle room, and can increase by as much as 10% in the aggregate from upfront estimates.

* Fees that can increase without limit, mainly because the lender has no control over them or because the amount is difficult to predict weeks in advance.