If your’e like many people who are thinking about working with a mortgage broker to buy land for sale in North Florida, you know that you’ll pay between 1 and 2 percent of your loan’s total price to the broker – that’s to cover the work he or she does. But there’s a law in place to protect you throughout the whole process, and it’s called the Dodd-Frank Act.
Here’s how it applies to mortgage brokers.
What Does Dodd-Frank Have to Do With Mortgage Brokers?
Since Dodd-Frank was passed, it has provided buyers with protections from predatory lenders. It prevents lenders from “paying off” brokers for funneling borrowerse into high-interest rate loans and charging them costly lender fees.
It also makes it so that mortgage brokers:
- Can’t charge you hidden fees
- Can’t tie their pay to your loan’s interest rate
- Can’t get paid for sending you to an affiliated business, like a title company or home inspection company
- Can’t collect money from both you and your lender
Are You Buying a Home or Land for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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