Stricter Lending Rules = Less Mortgage Approvals

May 29, 2008 at 9:48 PM 2 comments

Will new underwriting software make it more difficult to qualify for a mortgage? Check out the article on Bankrate.com for more details. According to the article, if you’re in the market for a new mortgage you may want to apply before this weekend.

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2 Comments Add your own

  • 1. Rachel  |  May 30, 2008 at 7:32 AM

    I feel that this can only be a good thing. Too many people are getting into trouble with money and although I am not completely against borrowing some money, I think that people just do not worry about repayments and the costs of mortgages and loans any more. For example, I wonder how many people realise that they pay for their house about 3 times over if they have a mortgage for 25 years.

    Reply
  • 2. Anonymous  |  November 20, 2008 at 10:42 AM

    The low number of mortgage
    approvals in previous months predicted lower gross lending in August and, together with remortgaging, a much weaker net lending figure than of late resulted. Widespread expectations that house prices will continue to fall markedly for some considerable time to come is also significantly limiting housing market activity, as is heightened concern over the economic outlook and job prospects.

    Reply

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