Applying For A Mortgage

Applying For A Mortgage

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!
(252) 489-2043

Kelly Dean Headshot
Phone: 252-207-3655
Dated: November 25th 2013
Views: 25,125
About Kelly: Recently featured on HGTV's Beachfront Bargain Hunt episode on Kill Devil Hills and Nags Head! My f...

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115 W. Oregon Avenue Unit 2
Kill Devil Hills, NC