College Station realtors may assist in the effort to take out a loan for the desired property, given that you have passed the requisite credit check. However, they must also be familiar with the new regulations to prevent confusion. According to diGangi, the APR must be within 1.5% of the annual prime loan rate, points and fees should be no more than 3%, and the terms will only be up to 30 years.
Higher-priced qualified mortgages have much turbulence to endure. As they are above the 1.5% APR cap, they are based on the assumption that the lender meets ability-to-pay requirements. However, the New Year will see them carry a higher premium. DiGangi states that prospective homeowners can still do their part by paying off their old arrears, asking questions, and assembling the paperwork long before the rules take effect.