Details regarding new mortgage rules
We're learning details about new mortgage rules meant to protect you. The Consumer Financial Protection Bureau guidelines go into effect next January.
Among the new mortgage rules is what's called the "Ability-to-Repay." It's designed to protect you from irresponsible mortgage lending, by requiring lenders make a good faith determination that borrowers have the ability to repay their mortgage.
It also protects borrowers from risky lending practices, such as underwriting loans based only on low introductory "teaser" interest rates.