The qualified mortgage rule was issued by the Consumer Financial Protection Bureau in January 2013 as part of the Dodd-Frank Reform Act. It applies beginning January 2014 and affects the way lenders must analyze and verify information for customers.
Pre-approvals
Mortgage Good Faith Estimates For PA Home Buyers
The Consumer Financial Protection Bureau is responsible for overseeing and imposing regulations relating to monetary transactions. The Real Estate Settlement Procedures Act (RESPA) is a federal law that specifically pertains to property and financing
Calculating How Much Home You Can Afford In PA
Calculating how much home you can afford in PA is an important starting point for any real estate buyers and should be completed prior to seeing properties for sale. This saves time and prevents heartbreak. There are several expenses to consider such
Disputed Trade Accounts And The Impact On PA Home Financing
Everyone has a right to correct incorrect items on their credit report. However, home buyers must be conscious of the impact that this may have on obtaining a mortgage. This blog includes important information on disputed trade accounts and the
Mortgage Rate Changes Affect PA Home Loan Pre-approvals
When you are qualified for a mortgage, it is based on a certain monthly payment. The mortgage rate is assumed (as well as other figures such as taxes and hazard insurance). Mortgage rate changes affect PA home loan pre-approvals because it affects
Information On Income Versus Debt Ratio For PA Loan Pre-approvals
Personal finances play a big role in loan pre-approvals. All finance companies review your assets, income, credit and debts. These determine whether you can obtain a mortgage and for how much. Below is information on income versus debt ratio for PA
Reasons Why Buyers Should Have Pre-approvals Before Visiting PA Homes
If you are getting ready to buy a home, do not forget the critical introductory step of getting a home loan pre-approval. A pre-approval involves evaluating your financial information and credit ranking to identify whether you can be approved for a