Working with Realtors in College Station, Texas Regarding Financing
Financing is the way to go for many Americans seeking to buy a home. However, some changes are afoot, as AOL Real Estate’s Christine DiGangi reports:
With big changes coming to the mortgage industry at the beginning of next year, many consumers will want to evaluate their home buying plans. Regulations drafted by the Consumer Financial Protection Bureau will change the definition of a qualified mortgage for any loan applications received on and after Jan. 10, and many consumers may find themselves unable to meet the new requirements. Qualified mortgages are loans that meet certain standards designed to ensure that borrowers are highly likely to be able to pay back the amount in question. Facing this challenge, it's up to the hopeful homeowner to improve their chances of mortgage approval by doing the necessary research, improving their credit profiles and meeting the qualified mortgage standards well in advance of filling out loan applications.
The above excerpt can give property seekers in College Station something to think about. The city is the proud nerve center of the Texas A&M University System, and the clear weather for most of the year can be quite pleasurable for people looking to live in a quiet neighborhood. However, the impending changes to mortgage rules and possible price increases can be daunting. In case you get disqualified from taking a loan under the new developments, skilled Realtors in College Station, Texas like those at Traditions Realty Team can help you.
College Station Realtors may assist in leading you to sources in the effort to take out a loan for the desired property. These mortgage experts will be familiar with the new regulations to prevent confusion. According to diGangi, the APR must be within 1.5% of the annual prime loan rate, points and fees should be no more than 3%, and the terms will only be up to 30 years.
According to some mortgage experts, higher-priced qualified mortgages may have some turbulence to endure. As they are above the 1.5% APR cap, they are based on the assumption that the lender meets ability-to-pay requirements. However, the New Year will see them carry a higher premium. DiGangi states that prospective homeowners can still do their part by paying off their old arrears, asking questions, and assembling the paperwork long before the rules take effect.
(Article Excerpt and Image from Planning to Buy a Home in 2014? Get Ready Now, AOL Real Estate, Dec 3, 2013)