Amarillo, TX - New regulations are making it tougher to qualify for a mortgage loan. On January 10th increased regulations will go into place as a result of the Dodd-Frank act.
This will affect those who qualify for mortgage loans. A finance expert with Amarillo National Bank, William Ware, says these new regulations will make the process of getting a mortgage loan longer and more complicated.
"There are going to be more hoops to jump through and more requirements that will make things tougher. And they are trying to protect the consumer, but they are actually making the process harder by making it more complex."
Ware says these stricter regulations on mortgage lending may send a surge of business to another industry in our area. "As a result of the Dodd-Frank act and new consumer protection laws, it will be a little tougher to get a loan and it will make loans less attractive, thus driving people to apartments and rental property."
And a real estate agent in our area, Chris Lyons, says the rental market is in a good place right now in Amarillo and Canyon. "Everybody is always looking for a rental. There is a market out there. So investors really like Amarillo and Canyon because it is easy to rent a place. It just seems like there are always people moving in that may need a rental before they buy. Or for circumstances can't buy and need to rent."