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Homebuyers Beware: Who’s Ripping You Off Now?—What You Must Know About the New Rules of Mortgage and Credit by Carolyn Warren

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16. How the YSP Controversy Affects You

Let’s say you’re house hunting and you find an outdated, ugly house offered at an attractive price. You’ll need some cash to clean it up, paint, and replace the stained carpets; but once that’s done, you can resell at a profit. What is your best loan in this situation?

You’ll want to opt for no Origination Fee and take the higher interest rate, instead of buying down the rate with an Origination Fee. Why? Because you want to save your cash to fix up the house—and because you’re not going to keep the house long enough to justify buying down the rate by paying the Origination Fee. But get this...

The federal government—spurred by certain politicians with more hubris than mortgage smarts—wants to deny you ...

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