Get ready for changing mortgage rules

Beginning next year, lenders will have to deal with some new rules regarding mortgage loans. New borrowing limits and document requirements may have some borrowers in a panic. Do not panic – be proactive and take steps now if you plan to apply for a mortgage next year. Look for a smaller, community bank that may not be required to adhere to new mortgage rules. Do not change jobs right before applying for a mortgage – job stability is essential to qualify under the new “Ability to Pay” rule.

For more read, “3 Keys to Mastering New Home Loan Hurdles.”

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