The start of the New Year brings change to the housing market. Below you will find tips on what to expect from the real estate and mortgage industry in order to help you with your financial decisions in 2014.

First off there are new mortgage regulations out this year that ensures lenders verify that borrowers have the ability to repay their loans. This means tighter lending standards for you but if you are organized and prepared you should have any problems. Stay on top of your finances always keeping records of your assets and where your money is coming and going as well as take good care of your credit.

Mortgage rates are likely going to continue to rise this year. Last year rates were on the rise due to the Federal Reserve announcing their plan to reduce the pace of their economic stimulus program. This program has helped keep rates low for several years and as this goes away rates will be climbing. As a result don’t wait around for a lower rate, because you just might miss it; lock as soon as you are content with the numbers.

Because rates are higher than they were in early 2013 many feel they have lost the opportunity to refinance. This may not be true and it doesn’t hurt to check with your loan officer. There are many benefits to refinancing and it may make sense to refinance before rates get higher.