The Mortgage News blog is an educational service provided by the publishers of the Home Buying Institute. Each week, we bring you the latest mortgage news from around the United States and help you put it into perspective. We provide information relating to loan rates, regulations, industry developments and more.
Here are the latest stories:
Summary: Good news for military service members. We expect few, if any, changes to the VA loan program in 2014. The qualification requirements that are currently in place will likely carry over into next year. The Qualified Mortgage (QM) rule that takes effect in January 2014 should have little effect on the VA program. Basic […]
What can borrowers expect next year? Will interest rates rise or fall over the coming months? These are big questions that deserve in-depth research and analysis. So we have been gathering a variety of mortgage rate predictions for 2014, from expert sources such as Freddie Mac and MBA. This article is the result.
There are new rules for mortgage debt-to-income ratios in 2014, as well as some old standards that will carry over from 2013. Mortgage lenders use the DTI ratio, as it’s known, to measure a borrower’s ability to repay the loan obligation. Simply put, if you carry too much debt in relation to your monthly earnings, […]
This article explains the basic eligibility requirements for HARP refinancing in 2014. In short, the loan must be owned or guaranteed by Fannie Mae or Freddie Mac. The homeowner must be current on payments, with a clean payment history for the last 12 months.
Some homeowners who try to refinance their mortgages in 2014 will be in for a rude awakening. Rising mortgage rates are expected to put refinancing out of reach for many would-be borrowers. That’s the bad news. The good news is that rising home values could offset this negative trend, to some degree.
Conforming loan limit changes are expected in 2014, but not right away. Federal regulators originally planned to lower the conforming loan limits at the start of 2014. But according to recent statements from Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), the change could now be delayed until next spring or summer. […]
Editor’s note: New mortgage rules scheduled to take effect in 2014 could fundamentally change the way home loans are created. All borrowers should know about these forthcoming changes. To help you sort it all out, we have created this handy guide to the 2014 mortgage lending rules. 3 New Mortgage Rules and Laws for 2014 […]
What kind of credit score do you need to get the best mortgage rates in 2014? A recent (and extensive) study by Zillow suggests that borrowers might need a FICO score of 740 or higher to qualify for the best deals. The trouble is that most Americans fall below this range.
It seems a lot of borrowers are hitting a brick wall when applying for a home loan. A recent study by Zillow found that three out of ten mortgage applicants get turned down for financing. Credit scores have a lot do with it. How can you avoid this problem? Read on to find out.
Home buyers can expect to pay more money in closing costs these days. A national survey conducted by Bankrate.com found that mortgage-related fees and charges rose 6% in 2013, when compared to 2012. Hawaii and California are among the most expensive states.