If you are planning on purchasing or refinancing your home you will most likely have to pay points and fees. Section 32 is a Federal law that protects consumers from excessive points and fees.Section 32 laws require lenders to provide extra disclosures to the borrower at least 3 days before the loan paperwork is signed. This paperwork includes extra warnings on the consequences of high-interest loans. This is on top of the normal 3-day recission period for a refinance.
Section 32 will vary from state to state. Consult with your mortgage professional for information.
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