IL License

A & N Mortgage Services, Inc.'s mission is to provide you with high quality programs tailored to fit your unique situation at some of the most competitive rates in the nation. Our professionals are accessible around the clock, and strive to obtain the best mortgage and real estate options, no matter the situation.

Illinois Residential Mortgage Licensee #MB.0006638 FL#MLD288 IN#11122 IA#2006-0064 MA#MC19291 MI#FL0012625 WI #19291BA NMLS# 19291

Tuesday

A and N Mortgage Tips: New Year, New Changes for 2014 Mortgages


Mortgages Affected: 2014
The Consumer Financial Protection Bureau are enforcing a new set of Qualified Mortgage rules that will start to phase in on January 10th, 2014 and the residential real estate market could be in for some major changes. The vast majority of mortgages issued these days are "Qualified" which means a borrower has to meet specified standards to obtain a home loan. In general home shoppers will undergo more scrutiny and may see their borrowing power shrink. In addition interest rates are also expected to be up possibly to as much as the mid 5 percent range.
These new rules all but eliminate most of the lending practices that caused the housing market bubble to burst. 
Here are some of the new rules:
The maximum debt to income ratio decreases from the current 45 percent to 43 percent.  
There can be temporary exceptions made to this rule that allow for higher debt ratios for loans that can be purchased by Fannie Mae and Freddie Mac. The obvious negative impact is that borrowers who are lower income or are really stretching themselves to get a mortgage may not qualify for as much as they need.
The new rules also help speed up the process of getting a mortgage by giving lenders the authority to reject outright credit-report information if a borrower can prove that it's wrong. This is a huge help as in the past lenders many times would use the credit report as the final authority.
The Qualified Mortgage grants the creditor greater protection from potential liability. Under this rule, lenders cannot include toxic features such as negative-amortization ARMs that increase borrowers' debt with each monthly payment, or excessive upfront points and fees.
In conjunction with the lower debt ratios, interest rates are going to affect how much money a homeowner can borrow. Economists are expecting interest rates to rise gradually during the coming year. The predictions for the most part put interest rates gradually rising throughout the year, starting at the high 4 percent range in the beginning of the year and hitting possibly 5.3 percent or more by years end. Put simply, you will probably get more bang for the buck if you buy your house earlier in the year. 
The process of obtaining a home loan can be arduous and confusing. New rules all the time, paperwork that's never-ending can lead to frustration and high blood pressure. So consider contacting your local mortgage broker as they are the experts that keep up on these new rules and regulations and can help answer any questions you have.


Keeping You Informed
A and N Mortgage mortgage professionals are dedicated to keeping you informed of the latest market trends and mortgage options. Call A and N Mortgage today to obtain custom loan options designed to fit your needs and help you obtain your home goals.






THIS IS AN ADVERTISEMENT. This is not a commitment to lend. A and N Mortgage Services, Inc. is an Illinois Residential Mortgage Licensee and Equal Housing Lender.  1945 N. Elston Ave.   Chicago, IL   60642  p: 773.305.LOAN   ANMtg.com  
IL MB.0006638, FL MLD288, IN 11122, IA 2006-0064, MA MC19291, MI FL0012625, WI 19291BA/BR   

NMLS# 19291

5 comments:

  1. Debra Orr by names from United States, Am here to guide everyone out there looking for a loan such as Business loans, Mortgage loans Real estate loan, Personal loan and all other kinds of loan to contact this awesome loan firm owned by Mr Viggo Davis who supported me and my family with a business loan and also with a mortgage loan worth $740,000 which put our lives back on track again. Thanks to Mr Viggo Davis because i never believed that such genuine lender still exist for till i found Mr Davis. Am very grateful for what he has done for us that's why am doing all this to make others benefit from his wonderful service he renders to both individuals/company. So am using this moment to inform anyone above 18yrs to contact Mr. Viggo Davis via email (viggodavis@zoho.com) or (viggodavis@gmail.com) to get his/her loan today with better repayment schedule, no social security number required and no credit check required, 100% Guaranteed.

    ReplyDelete
  2. Appreciate it for helping out, excellent info. "It does not do to dwell on dreams and forget to live. Cheap Commercial insurance in Houston

    ReplyDelete
  3. Are you are planning for Loan Against Property or Mortgage Services in Delhi NCR

    ReplyDelete
  4. This comment has been removed by the author.

    ReplyDelete
  5. Permit me to introduce you to LE-MERIDIAN FUNDING SERVICES. We are directly into pure loan and project(s) financing in terms of investment. We provide financing solutions to private/companies seeking access to funds in the capital markets i.e. oil and gas, real estate, renewable energy, Pharmaceuticals, Health Care, transportation, construction, hotels and etc. We can finance up to the amount of $900,000,000.000 (Nine Hundred Million Dollars) in any region of the world as long as our 1.9% ROI can be guaranteed on the projects.
    Le-Meridian Funding Service.
    (60 Piccadilly, Mayfair, London W1J 0BH, UK) Email Contact Info...lfdsloans@lemeridianfds.com

    ReplyDelete