Tough times for applicants...
There is a great post on Mortgages Undressed.Here is what Larry Cragun has to say:
I realized today just how much the implosion of the subprime world has affected our business. Everyone is running and hiding. Few are willing to take any chances. Things that used to be easy decisions are difficult. No one at the lender level is willing to take any chances. The days of getup and go have got up and went. It reminds me of a poem: How do I know my youth is all spent? My get up and go has got up and went.
This state of affairs has important implications for you the borrower. Expect no favors and no exceptions. Additionally you should go overboard to prove how worthy you are to borrow. Give no crap to anyone asking for anything, just to(sic) it and to(sic) it right.
If you are requested to give bank statements give copies of all pages front and back.
Do it fast. Do it thoroughly, Do it all. Otherwise your loan will drag out and no one will have any sympathy for your state.
No one is moving fast so you move fast to help compensate.
That is great advice. There is an impact on EVERYONE regarding the subprime fallout and I have noticed it in my loans that I am trying to process. I had a loan turned down yesterday because they felt that the property values were declining in the area. I want to call them up and say "No kidding? They are declining or are flat everywhere", but this is all the reason they need to deny the loan. So, make sure your application is TOP NOTCH and is an easy approval.
posted by jkballentine @ 6:26 AM
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