“Big Banks” Begin To Open Mortgage Money Spigots
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Today’s blog content is posted at HSH.com. I’m a regular columnist there and this is brief summary of my post today.
Click here to read the whole thing.
“Big Banks” Make Mortgage Money Easier
This week’s piece is titled “This is what it takes to be approved for a mortgage”. It covers the changes in residential mortgage lending, and how independent banks have stopped tightening the mortgage money spigot. The shift is good news for home buyers and anyone else who’s watched underwriting standards get tough.
An excerpt:
Don’t confuse “loosening” lending standards for “easy mortgage money.”
Banks are still careful about what they lend and who they lend to. Today’s mortgage approvals carry three basic requirements: (1) You must have equity, (2) You must have income, and (3) You must have credit.
Read the full article on the HSH website.
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