The Feds have decided that people taking out new mortgages need more protection from predatory lenders. This article describes their plans to place new restrictions and limitations on lenders who make loans to higer risk borrowers.
The new proposal "would restrict lenders from penalizing risky borrowers who pay loans off early, require lenders to make sure these borrowers set aside money to pay for taxes and insurance and bar lenders from making loans without proof of a borrower's income. It also would prohibit lenders from engaging in a pattern or practice of lending without considering a borrower's ability to repay a home loan from sources other than the home's value."
Whenever government gets into the realm of making more laws and restrictions, there are always saavy people looking for loopholes to turn them into an advantage. I would like to see less regulations on what lenders can or cannot do but more disclosure to the borrowers about what type of loans they have and how they work.
If the idea of loan packages makes your head spin, give me a call at 770-862-8002. I can help you decide which product is right for you. I can also help you to decide what you can really afford to pay for a mortgage, NOT what the mortgage company tells you that you can afford. There are many affordable homes in Cherokee County right now. Woodstock, Acworth, Canton, Ball Ground and Waleska are all full of beautiful, affordable homes. Call today and let's find a place that's right for you.
Michael Bradford
Southern Prime Realty
4 comments:
Hi,
You have a very cool blog here…loved the content.
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Hi Michael,
Your blog is really excellent.
I have learned many useful resources from your blog. Thanks for sharing this information and hope to read more from you.
LiveMortgageFree
Thanks so much, Richard. I love to hear that my blog is useful to people. Merry Christmas.
-Michael
Great Post. With mortgages in the news so much lately it seems all the focus is on more regulation not less. While predatory lending is a hot button, taking all the choices and options away doesn't make sense.
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