Posted by: Larry Stevens | June 20, 2014

What the Qualified Mortgage Rules Mean to You!

Real Estate Finance Insights

There’s a good chance that within the last few months you have either read about or heard the news about the “qualified mortgage rules” that the Consumer Finance Protection Bureau (CFPB) has implemented to make sure that home loans (both purchase and refinance) meet certain criteria.

Even if you are not in need of a mortgage loan right now, we’d like to share with you 6 things you’ll need to know about when it’s time for you to obtain a new mortgage.

  1. Why were they created? They are a guide for mortgage companies and consumers to make sure that the loan terms are fully disclosed, with no interest rate or payment surprises. It also covers companies who collect your monthly mortgage payment and how they are supposed to disclose your loan information to you.
  2. What does “Qualified Mortgage” really mean? It means that a lender must determine if a borrower has…

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