If you’re shopping for a home or planning to refinance your mortgage, you may be thinking: “Isn’t getting a home loan already a lot tougher than it used to be?”
You may have heard that new mortgage rules issued by the Consumer Financial Protection Bureau (CFPB) took effect at the beginning of the year. The basic purpose of the new rules, which resulted from the Dodd-Frank Act passed in 2010, is to help make sure the borrower can afford to repay their mortgage. For the most part, not a whole lot has changed.
In fact, this year we’ve seen mortgage availability widen for the most part and Wells Fargo just recently announced that they were casting an even wider net for borrowers. The nation’s largest residential mortgage lender (and Colorado’s biggest bank by deposits), for example, lowered its minimum credit score for loans from 660 to 620.
Before you begin your home search, you should get pre-approved for a home loan. One of our Team Members will be happy to refer you to a mortgage broker. Contact us for assistance.