Back in January, the Consumer Financial Protection Bureau (CFPB) released a set of rules designed to make home loans safer and involve fewer surprises.
The CFPB has now introduced the concept of a “qualified mortgage,” which means you meet certain criteria and prove your ability to repay the loan.
With a “qualified mortgage,” you avoid unnecessary borrowing risks, and lendershave limits on how much they can charge in fees. These changes should make borrowers feel more confidently about the home loan process. (For more details, read this article.) Email me today to learn more about “qualified mortgages.” I am happy to answer any questions you have.