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Refinancing options for homeowners with large amounts of debt

Michelle Hargis, KSL
 

In recent years, homeowners have been encouraged to take advantage of historically low interest rates to refinance their mortgages. While many immediately jumped on the opportunity, others decided to wait until they were in a stronger financial position or until they felt the housing market had stabilized.
Homeowners who waited until 2014 to refinance their homes are encountering a new set of lending criteria that may prevent them from securing the loan. In January, the Consumer Financial Protection Bureau (CFPB) introduced a new loan category called the qualified mortgage. From a consumer standpoint, qualified mortgages boil down ...


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