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Mortgage Tips For First Time Home Buyers In 2014 Offered At

SAN DIEGO, Jan. 9, 2014 /PRNewswire-iReach/ -- is a borrower advice website that offers valuable insights, quality info and connections to the top industry professionals in a casual and even entertaining packaging. The website promises that it is "NOT another boring, stuffy, "fall asleep in your chair" site about loans." The articles provided explain any advanced loan terms so that even a brand new home buyer can easily understand and benefit from them, yet also do not skimp on important details, making them useful for experienced home buyers as well. A recent article featured on the website takes a look at some of the changes the industry will see in the coming year and offers some useful mortgage tips for first time home buyers in 2014.

The article starts by saying, "In 2014 mortgage rates rise and qualifying criteria tighten. But, the cause is not a slowdown in the housing market. The Mortgage Bankers Association (MBA) expects mortgage loans to increase by nine percent in 2014. However, the Mortgage Bankers Association sees residential loan origination falling nearly a third from 2013 to 1.2 trillion dollars. The MBA estimates that mortgage volume in 2013 will reach $1.7 trillion. So, there are many buyers, why is the mortgage industry going to tighten up and do less business? True, there are many buyers, but there is a shortage of houses on the market. Fewer houses for sale means less homes sold and fewer mortgages closed. One of the main reasons for this shortage is current homeowners now are waiting. By holding on now, they hope to see their home values appreciate more before putting their homes on the market."

The article then looks at some of the factors that 2014 home buyers will have to contend with, such as a higher debt-to-income ratio requirement, changes to the qualified mortgage rules (included FHA, VA and USDA mortgages), an influx of more private lenders and the higher interest rates 2014 mortgage forecasts are predicting. The article also touches on the fact that some borrowers will find it difficult, or even impossible, to qualify for a mortgage given the new higher standards for qualified mortgages. Because of this, those considering buying a home for the first time this coming year will need to be well armed with the right information in order to find the best loan for their situation.

Loan Love goes on to say, "With tighter qualifications for mortgages a sure thing next year, the most important mortgage tips for 2014 are: 

  • Shop for your mortgage
  • If you do not know any mortgage brokers ask friends, family and your realtor for recommendations
  • Check with the Consumer Finance Protection Board for any derogatory information on the broker you select
  • Prepare your documentation before applying – have tax returns, recent payroll stubs, recent bank statements available. Make sure all bills are current. Check your credit bureau reports.

It is good that the Federal government is taking steps to make sure that banks and other mortgage lenders make loans that are more responsible than the junk mortgages that led to the nation's financial collapse in 2007 – 2008."

For more information and tips for first time home buyers in 2014, please click here to visit and read the full article.

Media Contact: Kevin Blue,, 949-292-8401, [email protected]

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