6 Tips for Mortgage Borrowers in 2014
So, 2013 is over and the New Year, 2014, is finally here. However, if you have been paying attention to the news going on in the mortgage industry, you will know that 2014 means new rules happening in the mortgage industry. So what can you do as a borrower? We will explore that and give you some tips about what you can do as a mortgage borrower in 2014.
Now you may be more informed about your borrowing opportunities that will come in 2014. If you have any questions, feel free to contact TrueFi (CA, CO, & VA residents).
So, 2013 is over and the New Year, 2014, is finally here. However, if you have been paying attention to the news going on in the mortgage industry, you will know that 2014 means new rules happening in the mortgage industry. So what can you do as a borrower? We will explore that and give you some tips about what you can do as a mortgage borrower in 2014.
- The first tip is to make sure you keep great records of your finances. In the coming year, mortgage brokers and mortgage lenders will be extra diligent in analyzing applicants for the process of either getting their first loan or refinancing a mortgage. Make sure to have all your tax returns, pay check stubs, W2s, and other receipts in place so that if these records and documents are asked of you, you have them ready.
- Watch out for the current mortgage rates and see when you can lock in a rate; in the coming year, the rates are expected to go up since the Fed will reduce the stimulus program that was put in place (and has helped keep the rates low).
- The third tip is to refinance when you can – as soon as you can. If you are wanting to refinance because you want to capture a lower rate but are not sure when to do it, then contact a financial services company about it and see what they say.
- If you are going for a mortgage because you are buying a home, then you will have significant power – use it to your advantage. In the previous year, when the rates climbed, lenders ended up losing some of their refinancing customers and decided to re-shift some focus on homebuyers and want their business bad.
- Make sure you monitor your credit and take special care of it. When you go for a mortgage, either the first one or a refinance, your credit score is a big, big deal. If you let it slip away from you, it can cost you big time.
- Learn to save. When going through the mortgage process, brokers and lenders like to see that you have a good deal of money left at the end of each month after paying your bills; if you only have a little bit, it can make them weary.
Now you may be more informed about your borrowing opportunities that will come in 2014. If you have any questions, feel free to contact TrueFi (CA, CO, & VA residents).
SHARE
