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Understanding Qualified Mortgages in KC

November 5, 2014 by jWeb Media

In the past year, you may have heard a lot of talk about qualified mortgages in KC. If you are like most new or seasoned homebuyers, you may be asking yourself what this qualification means. The concept of qualified mortgages is actually an easy one to understand when you know their purpose and how you can qualify.

The Purpose of Qualified Mortgages in KC

Qualified mortgages in KC are designed to be safer and easier to understand than many of the loans consumers acquired before and during the recent financial crisis. The “qualified mortgage rule” was issued by the Consumer Financial Protection Bureau (CFPB) as part of the Dodd-Frank Reform Act. The CFPB requires mortgage servicers to:

  • Send borrowers a clear monthly statement so they are able to see how their payments are being credited
  • Fix mistakes right away
  • Credit payments the day they are received
  • Give you early notice if you have an adjustable rate mortgage and the interest rate is about to change

The rules set in place by the CFPB generally dictate the way companies must evaluate and validate facts for borrowers. It also states how lenders are supposed to assess a home buyer’s ability to make payments. This is meant to protect consumers and also decrease the potential for a future housing catastrophe. The new regulations help:

  • Limit the points and fees charged by mortgage companies
  • Eliminate risky loan features
Better Lending Practices

Qualified mortgages in KC allow mortgage companies to practice better lending standards. These types of home loans are generally a fairer deal than other mortgages. These practices have come to light in response to the ridiculously high points and fees some borrowers were required to pay during the mortgage crisis.

Ability to Repay

Lenders are required to consider a minimum of 8 specific underwriting factors to evaluate the ability to repay a loan. Some of these factors include:

  • Employment status
  • Assets and salary
  • Credit report
  • Monthly home loan payments
  • Other homeownership expenses such as real estate taxes, condos fees and more
  • Liabilities
  • Debt-to-income ratios

Find Out If You Qualify for a Qualified Mortgage Today

Contact Cornerstone Mortgage, Inc. at 800-965-9910

Filed Under: Blog, Mortgages & Home Loans Tagged With: mortgages in kc, qualified mortgages

The information provided on these posts have been prepared by a third party company and have been distributed for education purposes only. The positions, strategies or opinions of the authors do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax adviser for full eligibility requirements on tax deduction.

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© 2018 · Cornerstone Mortage, Inc · Sitemap ·
Guild Mortgage Company is an Equal Housing Lender; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. OR ML-176;Georgia Residential Mortgage Licensee; GA #6268; NV Banker #1076/NV Broker #1141; AZ BK #0018883; Licensed by the Mississippi Department of Banking and Consumer Finance. Illinois Residential Mortgage Licensee. Kansas Licensed Mortgage Company. Rhode Island Licensed Lender. Licensed by the New Hampshire Banking Department. http://www.nmlsconsumeraccess.org/ Company NMLS ID 3274. All information, loan programs & interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5898 Copley Drive San Diego, CA 92111 |State of Missouri Principal Location: 11730 Fenpark Drive, Suite 1003, Fenton, MO 63026.Brought to you by Jweb Media.

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