Looking to buy a home next year? Prepare today.

There are sweeping changes to the mortgage industry that are coming next year, which may influence your home-buying plans. The government created the Consumer Finance Protection Bureau which will enact several new rules that go into effect January 10 2014. These rules will limit the availability of mortgages and will make the home buyer more apt to repay the loan. Now is the time to get things in order to improve your odds of getting a mortgage for your new dream home.

Here are some tips:

  1. Get Pre-Approved. These new requirements impact both consumers and lenders. The ability to repay will take a lot of documentation. James B. Nutter and Company will take the steps to make sure that you are able to get the loan for your dream house. The personal service that will be given will help determine how much you can afford. We take the extra steps to ensure that the loan process will be fast and less stressful. Most other companies don’t have an underwriter review before issuing the pre-qualify letter. The Big difference is our “PRE-APPROVAL” is like having a golden ticket.
  2. Know your debt. You would be amazed on how people don’t really know what is on their credit report. Even small monthly payments can have a dramatic impact on the qualifying ratios used in the process. One of our non-commissioned loan officers can meet with you and review your credit. By taking a look now you can get ahead of the game and correct any errors or pay off some debit.
  3. Educate yourself. The mortgage process is complex. There are several different mortgage companies and several different mortgage products. Not all of the companies or products are best fit for you. Be an educated borrower. Is the Lowest Interest Rate the best deal for the educated borrower?

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