PUBLIC SUBMISSION | As of: November 20, 2009 Tracking No. 804070ec Comments Due: May 13, 2008 |
Docket: HUD-2008-0028
FR-5180-P-01
Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs
Comment On: HUD-2008-0028-0001
FR-5180-P-01: Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs
Document: HUD-2008-0028-0022
Comment Submitted by Elizabeth Jose
I urge you to adopt these procedures to make the home purchase process more
transparent. I am a 25 year old law student and in the next few years I hope to
purchase a home. Even though I am familiar with contracts, I am still afraid that I
will be taken advantage of when buying my first home because the process is so
confusing. I have heard horror stories of lenders promising one rate and then
changing to a higher rate after the down payment has already been paid, leaving
buyers the choice of taking the more expensive mortgage or losing the down
payment. I am especially excited about the provision of the rule that will force
lenders to gaurantee that their estimates are accurate and will allow buyers to
comparison shop using the good faith estimate. My fears about being taken
advantage of or not understanding the process cause me to delay preparations for
buying my first home. I believe if the mortgage process were more consumer
friendly then people would feel less threatened when buying a house and this
would lead to more houses being sold. Please adopt these new rules.