mortgage application: Dodd-Frank Shift: Pre-Qualify to Pre-Approval
- 02/03/14 02:09 AM
The Dodd-Frank Consumer Protection Act, which was signed into law in July 2010, forever changed the housing market landscape. Designed to restore consumer confidence in the housing industry, the law has created strict regulatory mandates, the impact of which are being felt by both mortgage lenders and mortgage seekers. Potential homebuyers are unlikely to be aware of these nuances, and that’s fine, but loan officers could use a few strategies to help them walk their clients through the pre-approval process. One specific area where the changes are being felt is in the pre-approval process. Previously, at the start of the homebuying process, it … (0 comments)
mortgage application: The Keys To Qualifying For a Mortgage
- 02/03/14 02:04 AM
The purchase of a home is the goal of the vast majority of Americans. That is why home ownership is often referred to as “The American Dream of Home Ownership.” Almost two-thirds of Americans have taken advantage of the tax benefits, government programs and the economic benefits of owning to become home owners. With lower home prices and low mortgage rates, homes have become more affordable than they have been during the previous decade. One area that keeps many Americans from reaching this goal is the difficulty of qualifying for a mortgage. The financial crisis of 2008 has caused lenders to … (2 comments)
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