HUD Encourages Consumers to Understand Loans and Shop for Best Cost

HUD Secretary Alphonso Jackson recently proposed mortgage reform in order to help consumers gain a better understanding of loan terms, and thus make more educated decisions during the home buying process. This action works to ensure that loan terms and closing costs that homeowners or homebuyers pay during the process or refinancing or purchasing a home are adequately disclosed and explained. With a greater understanding of the process, HUD hopes to improve the currently unclear and complicated situation facing homebuyers and homeowners today.

For more information on this story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-033.cfm&CFID=4115041&CFTOKEN=52052542