Mortgage rates in 2013 are expected to still be at near record lows. Although predicted to soar towards the end of the year 2014 at 4.6 percent, they are still way lower compared to the rates during the years leading to the housing market’s meltdown in 2006. Industry experts say that thanks to a slow-paced economic rebound and industry policies, mortgage rates this year will not skyrocket anytime soon. Rather, they will gradually edge up as the year progresses.
Meanwhile, as far as new mortgage policies are concerned, they will not only hold the rates running steady, they will also make the mortgage application more difficult. This year, in fact, more rules and regulations are introduced in the mortgage industry, aimed at protecting customers as they are meant to eliminate risky lending practices. Lenders are required to be more strict in verifying borrowers’ financial record and information. Specifically, the new standards hope to curb over borrowing and irresponsible lending, two factors seen to have contributed to the real estate bubble a few years ago.
It goes without saying that getting mortgage in 2013 and onwards will be more difficult. As it is, qualifying for a nd obtaining a loan is already hard. Experts say that today, people will have to work hard to buy a house. They can’t just take out a loan easily unlike in the past when people could easily get a mortgage even if they could barely afford to pay it. For help on figuring out the new requirements needed in getting a mortgage in 2013, check out the link now.