HR 3915 Passes House
Tips for getting a Baton Rouge home mortgage after passage of the predatory lending bill
Yesterday the House passed HR 3915, the predatory lending bill. This bill is designed to increase lending standards, as well as place national standards on mortgage lenders, reports Inman News:
HR 3915, the Mortgage Reform and
Anti-Predatory Lending Act of 2007, would create a national licensing
system for mortgage loan originators and require lenders to determine
that borrowers have a reasonable ability to repay a loan. The bill
would also create limited liability for companies that bundle mortgages
for sale to Wall Street investors.
Some consumer groups, however, worry that the predatory lending bill could make it harder for borrowers. Here are some tips that can help you increase the chances of getting a Baton Rouge home mortgage, even if the predatory lending bill passes the Senate and the President as-is:
- Plan ahead: save up money for a down payment
- Work on your credit score
- Try to avoid getting into further debt, and pay down what you can
- Shop around for Baton Rouge mortgage programs, including those offered by the city and by the state
For more tips on buying a Baton Rouge home, contact Glenda Daughety.
Related Links
More on the Predatory Lending Bill
Read about HR 3915
Search Baton Rouge Real Estate
Buying a Baton Rouge home
Baton Rouge Home Mortgage and Real Estate News
Baton Rouge community information and news
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