Understanding the CFPB’s New Mortgage Rules and How They Might Affect You

If you're getting a mortgage, you'll want to ensure you're well versed in all of the government regulations surrounding mortgages and how they affect you. One government agency that dictates a number of the rules surrounding mortgages is the Consumer Financial Protection Bureau. The CFPB has several regulations that lenders need to follow, some of which have only recently come into effect. So how do the CFPB's new mortgage rules affect you? Here's what you need to know. Know Before You Owe: Mortgages Just Got Easier To Understand The CFPB's new Know Before You Owe mortgage disclosure rule has rolled…
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How to Determine the Right Mortgage for You: The Pros and Cons of Each Type

Finding the right mortgage can be a struggle. There's a wide array of mortgage products on the market, and you don't always need to get a mortgage through your bank – and with so many options, it's hard to know which one is your best bet. Your ideal mortgage will depend on your own individual financial situation, but when you understand how different kinds of mortgages work, it's easier to choose the right one. Here's what you need to know about mortgage types. Fixed-Rate Mortgages: Home Financing At A Guaranteed Rate A fixed-rate mortgage is exactly what it sounds like:…
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Three Tips to Ensure That a Reverse Mortgage Makes Sense for Your Financial Situation

If you're having financial troubles, or if you need to free up a large sum in a short period of time, a reverse mortgage is a great way to get the money you need without having to take on new debt or make monthly payments. When you apply for a reverse mortgage - also known as a home equity conversion mortgage - you're essentially borrowing money from the equity you've built up in your house. The great advantages of a reverse mortgage are that you don't need to make any loan payments until you decide to move out of the…
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