Fed Rule May Lower Costs for Borrowers in Asheville- Maggie Valley

New Federal Reserve rule that will be in effect April 1 will most likely lead to lower costs for home borrowers. This could have a major effect in increasing home sales in markets like Asheville, Maggie Valley and Waynesville.

With the new rule, home purchasers that get their mortgage through brokers will most likely pay less for services and brokers are required to offer borrowers the lowest possible interest rate and fees that they qualify for. Most banks and other direct lenders, including some mortgage companies that operate like banks, do not fall under these guide lines. For more information http://www.realtor.org/rmodaily.nsf/pages/News2011021803?OpenDocument