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: 25,094 About Kelly: Recently featured on HGTV's Beachfront Bargain Hunt episode on Kill Devil Hills and Nags Head! My f...
View our latest blog posts in your RSS reader. Click here to access.
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.