Changes to the home loan industry seem to be more the exception than the rule. But 2014’s new changes taking effect on January 10 are intended to protect the buyers, according to South Florida realtors Claudio and Robyn Petasne.
“The first major change is related to what the Consumer Financial Protection Bureau calls ‘qualified mortgages,’” Robyn says. “Qualified mortgages are intended to protect the buyer because they are ones the buyer can afford to repay.”
In 2014, qualified mortgages mean lender cannot take fees higher than 3 percent. Lenders also cannot grant loans that would exceed your debt-to-income ratio by 43 percent.
These new laws may protect homebuyers, but Claudio points out that he also views his and Robyn’s job as having a similar pathway.
“We want our buyers to be in their dream homes, but we also want to them to be in dream homes that means they don’t have to limit their lifestyle due to their mortgage payment,” Claudio says. “Our experience in South Florida real estate and our close partnerships with lenders means we can work with buyers to get the right house at the right price.”
One such partnership is with Priority Lending, where Dan Longman, President and CRMS, works with the Petasne’s buyers to obtain affordable mortgages.
“Our fees never exceeded this 3 percent mark and are typically around the 2.5 percent range,” Longman says. “However, as wholesale lenders, we are really able to offer a greater variety of loans in the first place. Even with these differences and changes in 2013, we’ve been able to navigate these waters with realtors like Claudio and Robyn and help their homebuyers move into homes.”
Buyers’ Outlook for 2014
As for the buyers’ outlook in South Florida for 2014, both the Petasnes and Longman are seeing more and more buyers qualify for loans in a timely fashion.
“One of the biggest challenges in 2013 is that the market seemed to be flooded at times with investors that were snapping up homes,” Longman says. “This meant well-qualified buyers were losing out to investors coming in and paying cash. But investment companies are backing off, which leaves more room for buyers.”
Having realtors that know the market well and always seem to know where the next best property for a homebuyer is can equal greater success, Robyn says.
“Our goals for 2014 are to help more buyers than ever to realize their dream of home ownership or to move into a home that’s a better fit for their needs,” she says. “We are prepared to help them navigate any changes to mortgage requirements and are proud to work with the right partners to help them get there.”
To find out more about how Robyn and Claudio can help you find or sell a home, call their office at (954) 770-6850 or by cell phone at (954) 260-5570.
You can also visit:
Search for Homes Here: http://www.FtLauderdaleRealEstateForSale.com