Mortgages and 2014

Not only are rates moving up, getting the banks to lend to you will be getting a little more difficult.

In the old days your financial qualifications were the basis for your ability to get a mortgage. Starting in 2014 a few other "over sight " agencies will be getting into the picture.

In response to the meltdown of the real estate market in the late 2000's Congress established the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). And many of its more ambitious new regulations will go into effect January 1, 2014.

Beginning in 2014, the Dodge - Frank Act gets teeth.

Here is an article from Yahoo News that will tell you more about the subject.
http://homes.yahoo.com/news/refinance-by-january-2014-184251797.html?soc_src=mediacontentstory

So whether you are getting a new mortgage or refinancing, better get on it right away!