The Senate’s new financial overhaul bill will drastically change mortgages
According to the New York Times, these changes, designed to protect consumers from costly practices from their lenders, will have a big effect on the way mortgages work. They will change not only the way financial institutions can charge fees, but also to the way in which the mortgages are set up in the first place, and how applicants are considered.
Lenders can no longer charge homeowners a penalty fee for paying off their loan prior to the term of the mortgage agreement. Read the full post