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Dennis Norman Late last week the Federal Reserve Board proposed significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with home mortgages and home equity lines of credit. These changes are just proposed at this point and are being offered for public comment for 120 days at which [...] Dennis Norman By: Dennis Norman If you plan to obtain a mortgage to buy a home, or to refinance an existing mortgage, after July 30th you will notice changes in the process. While the changes that are being implemented are going to slow down the process I think it is time well spent as you will [...] By: Dennis Norman Today, as expected, the Board of Governors of the Federal Reserve System slashed the discount rate (the interest rate the Federal Reserve charges on loans to commercial banks) from 1.25% to 1/2%. This action will lower the prime rate charged by most banks to around 3.25% which will be the lowest prime rate has [...] |
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