Home buying tougher with ’14 rules

RBC I With the implementation of new mortgage rules taking effect Jan. 10, home buyers may discover a few new challenges in securing a mortgage as lenders will have additional restrictions in place to ensure that borrowers will be able to repay their mortgage loans.
Gone are the days of creative financing that would help unqualified borrowers buy a home. Gone are mortgages extending beyond 30 years. No longer can home owners opt to pay…