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What Is A Qualified Mortgage?
As this video explains, Federal laws put into effect in 2014 and supervised by the Consumer Financial Protection Bureau define lending practices and loan terms for a new category called “Qualified Mortgages.”
What Does Ability To Repay Mean?
What are the “Ability to repay” rules about? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrower’s capacity to pay back their loan over time.
What Is The Debt-To-Income Ratio (DTI)?
Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan. Like the video says: debts are existing financial commitments; a car payment is a debt a grocery bill is not.
When Do I Get My Loan Closing Disclosure?
http://videotap.wistia.com/medias/bh2k05vflq?embedType=async&videoFoam=true&videoWidth=640 If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure...
