Finally, the holidays are over and you are serious now about purchasing a new home. Several months ago, you were pre-qualified by a good lender who was recommended to you by someone you trust. Together you determined what amount of loan you would qualify for. You even provided everything that the lender requested AND he ran your credit report. You have been "pre-approved" which is even better than pre-qualified as everyone, including your Realtor, has assured you.
But wait...beginning in January 2014, the mortgage rules are changing again and the truth is that these new rules may work for or against your ability to get a loan.
If you are planning a home purchase in 2014, I strongly recommend that you reconnect with your mortgage lender and request an appointment to discuss the new rules and to obtain an updated pre-approval letter.
Pre-approval letters that are only a few months old could be out-of-date in light of some of the changes. Additional documentation may be required which can often take time to obtain. Something else that you may find out is that you actually qualify for a larger purchase since the qualifying debt to income ration will be increased in January 2014.
If you have any questions concerning your real estate needs, please call Nancy Puder directly at 805.710.2415 or email Nancy @NancyPuder.com She always loves to hear from you! Nancy Puder is a real estate broker on the Central Coast of California. Follow Nancy on Facebook. Go to www.Facebook.com/NancyPuderRealtor and click "like"
No comments:
Post a Comment