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December 31, 2013 | Ben Heisler | Comments 0

What to Know About Mortgages in the New Year

Mortgages in 2014If instead of dreaming about sugar plum fairies this holiday season you’re thinking of how to get a mortgage in Atlanta to make your home ownership dreams a reality, the experts at Equifax are ready to help! A new article by real estate finance aficionado Alanna McCargo spills the beans on what you should expect to see in real estate next year, “What You Need to Know About the 2014 Mortgage Market.”

In 2014, Equifax expects the following trends to rule the market:

  • The conventional mortgage will be the most popular again. This is because the 30 year fixed rate mortgage is defined by certainty, and this certainty will help stabilize the market and satisfy tighter controls on mortgage availability. You won’t find special bells and whistles on mortgage products, and if you do, they likely come at the top tier and highest requirements when it comes to credit score, down payment and more. The Tortoise and the Hare, for growth, slow and steady, is going to win the race for recovery.
  • Down payments will be bigger as they are both a sign of investment and readiness to buy, and a sign of a buyer’s financial solvency. Even in 2013, 10 percent or more down was not uncommon. Ten percent is a lot of money to put down on a home, especially in higher-priced markets or emerging markets where prices have been previously low but are now on the rise.
  • New regulations will come into effect that will change the game. While no one can be sure what will pass and what won’t at the Federal level, the smart money is on more regulations that push for certainty that borrowers can pay back loans. This means lower loan-to-value ratios and more expectations for borrowers to have higher credit scores and more money saved up.

The full article has more hints and predictions for the New Year, so check it out on the Equifax Finance Blog!

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