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New Mortgage Rules Are In Effect- Tips for Buyers!
And the Timer Starts NOW!
Designed to protect the homebuyer from unwise decisions, the Consumer Finance Protection Bureau (CFPB) will require lenders to document a borrowers’ ability to repay a loan and follow some other common sense rules.  These new mortgage rules will go into effect in January 2014.  
Tips from the CFPB – New Mortgage Rules Many lenders are reputable and desire to be your lifelong home financing partner – others not so much. Feel safe about who you have chosen to be your lender by following these new homebuyer tips from the CFPB:
Make Your Own Decisions – Only you can decide how much you are comfortable paying for a mortgage. The new mortgage rules will make the market safer and easier to understand. For example, lenders now have to make a good faith effort to determine if you have the ability to repay your loan and you don’t have high fees and certain risky features like negative amortization or interest-only periods. In the end, only you can decide how much you are comfortable paying for a mortgage. Use Your Market Information. You will get a copy of any appraisal or valuation at least three business days before you ... more

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