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: 25,055 About Kelly: Recently featured on HGTV's Beachfront Bargain Hunt episode on Kill Devil Hills and Nags Head! My f...
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From Corolla to Hatteras, we specialize in buyers and sellers looking for their perfect beach home on the beautiful Outer Banks of North Carolina. Whether it's a primary, second home or investment property our team will diligently work to provide you with the information you require for your purchase. We welcome you to read our reviews and give us a call.
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""It is our immense pleasure to recommend Kelly Dean as a real estate agent for any individual or family searching for the ideal home for their unique situation. We spent two years with Kelly (2018-2019)searching for a new home. She was always so patient and responsive to our needs. Kelly knew exactly what we were looking for, she did not waste our time with homes that were out of our price range or not in line with our needs. She is highly talented technologically and made excellent use of the relevant search engines and real estate databases to quickly find us a variety of homes for sale. In addition, Kelly is a highly attentive agent, almost as if we were her only customer. She treated us as a member of her family. She returned all phone calls and emails the same day. We never felt neglected or unimportant. She is also highly affable with an engaging personality. Most important to us, Kelly was honest. She would steer us away from properties that she knew may cause problems in the future. Kelly let us know when our expectations were out of line with reality. We are pleased to recommend Kelly Dean to anyone looking to buy or sell a home. She is hands down the best in the business and in our opinion, if we ever need to move again she will be our first choice, as well as my children's first choice. An outstanding, customer-first, real estate agent."