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Getting a Home Loan in 2014

Happy New Year!   And with the ringing in of the New Year comes new, tightened lending standards.  These new standards are mainly a result of an improving economy and although tighter, we’re still talking about very, very good loans. These tighter standards are all part of the economies healing process and should be expected.  As the training wheels are loosened or removed all together (governments slows the purchase of long term bonds), a healthier more stable and robust economy takes it's place- or least that’s the plan. This often equates to tighter standards and higher rates but also equates to lower unemployment and higher wages.

So, what’s needed to get a great loan in 2014 and what changes should be considered?  Well, the basic 4-C’s still apply:  

  • Credit history (credit/FICO scores),
  • Capacity (ability to afford based on your income and debt)
  • Collateral (the home you’re buying)
  • Conditions (how you plan on using the house- primary residence or investment)

How great would it be to have the information you need  to make smart decisions for yourself and your family  in 2014? It would be fantastic!

These have always been the driving factors behind a buyers loan qualifications but tighter permitters or doubly verified permitters are on the menu in 2014.  Those who will be most affected are first time buyers- those who will be found to not meet the tighter criteria.  When just barely made the cut at the end of 2013- you may find yourself on the other side of the fence in 2014.  But for the vast majority of finically responsible Buyers, you’ll still find great programs and amazing rates-- low rates.

So when should you look into a loan when you’re considering Buying in 2014?  The answer is “right now”.  Talking to a lender takes about 15 minutes and no commitments.  It will however provide you with invaluable information about your ability to obtain a loan.  It will allow you to understand what this will cost vs that and provide other information from which all of your other plans can be made.  

This is one subject that I love providing counsel on.  I remember vividly being a first timer.  I had questions I didn’t even know I had!  How great would it be to have the information you need to make smart decisions for yourself and your family in 2014?    It would be fantastic!  Simply give me a call or shoot me an e-mail and we can talk about the best options. 

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