Looking for an Outer Banks Vacation Home? Interested in Relocating or Retiring on the OBX? New guidelines will be in effect January 10, 2014 to anyone applying for a mortgage loan.
The Consumer Financial Protection Bureau will implement the New Ability-to-Repay rule. This rule will require the lender to determine whether you will have the ability to repay the loan and creates a category of loans that have certain, more stable features called Qualified Mortgages (QM). Lenders that make QMs are presumed to have met the Ability-to-Repay requirements.
The Ability-to-Repay/QM rule will help make sure that you get a mortgage loan you can afford and eliminate the competition between responsible lenders and reckless lenders.
The rule applies to most mortgage loans.
However, it excludes certain types of loans, like home equity lines of credit, timeshare plans, reverse mortgages, and temporary loans. Need to find a lender in the Outer Banks? Call your Buy the Beach OBX Realtor today! BuytheBeachOBX.com (252) 489-2043
Author:Kelly Dean Phone: 252-207-3655 Dated: November 25th 2013 Views: 24,876 About Kelly: Recently featured on HGTV's Beachfront Bargain Hunt in Kill Devil Hills and Nags Head. Whether you ...
We are a new company on the beach, but bring over 20 years of experience and knowledge to you. Specializing in first time home buyers, second homes, investment and vacation properties we can find the perfect Outer Banks home to fit your needs . From Corolla to Hatteras, we will patiently guide you each step of the way from the first showing, through the closing and every step in between.
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""Kelly Dean is an amazing realtor! She is a dedicated professional who knows the business and truly listens to her clients. She works hard to ensure that all of the pieces fall into place and is able to provide quick and clear answers to her clients questions. We bought a home in the Outer Banks, NC and would highly recommend Kelly!""