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Consumers need to consider entire scope of expenses when applying for a mortgage

Posted on Tuesday, February 26, 2013 at 10:41:55 AM

Purchasing property is often a large part of consumers' long-term financial plans, and generally, the sooner they begin to prepare - the better.

There are a number of aspects Americans should take into account when considering the path to homeownership, including housing market conditions and residential financing opportunities. When looking to qualify for a mortgage, consumers should examine their current and future expenses, as well as cash flow.

"Borrowers should take into account the difference between their current housing expense and proposed housing expense when qualifying for a mortgage," said Patrick Deady, vice president of Home Loan Investment Bank. "If there is an increase in housing payment they should contemplate how they will manage the increase in expenses."

With recent economic developments regarding Ability to Repay and Qualified Mortgage rules, many mortgage lending companies have voiced their varied opinions about the future of the industry. HLIB is a trusted financing company, having been in the business of lending money to American homebuyers for decades, and stands firm that both the borrower and lender should enter proceedings with a sense of responsibility and harbor realistic expectations.

"HLIB extends mortgage credit responsibly," Deady added. "Moreover, we believe that Ability to Repay and Qualified Mortgage rules will further complement our philosophy of responsible lending."