Clark talked with great excitement last year about a new rule that would require mortgage lenders to quote you a guaranteed price on your loan. It’s basically been legal to bait and switch people during the lending process, so that when they get to the closing table all the costs go up. The Department of Housing and Urban Development would have overseen the law that Clark was so excited about - called RESPA or the Real Estate Settlement Practices Act. The law would allow the lender to charge you less than the estimated closing costs, but not more. Unfortunately, the administration caved and has canned the new rules. So, there will be no fixed-price rules. And the industry will continue to take advantage of consumers. A few companies have adopted the new rules anyway. One is ING Direct, a European lender that guarantees your rate and your closing costs. Another one is DiTech. But most American companies are still in the clear. Therefore, it’s even more important that you do your homework. One positive note is that we have great mortgage rates today. You can borrow money on 15-year loans at 4.85 percent with no closing costs. ARMS are also great ideas for people planning to be in a home between four and six years. If you’ll be there longer, a 15-year loan would be great to do. No closing costs loans are a smart way to go. You basically pay a little higher rate but you have no closing costs. Only those with exceptional credit histories are granted no closing cost loans, so your credit must be good. But get a good faith estimate in writing when doing a loan. And always ask to see your HUD statement the day before your closing. It’s your right.