Is It Getting Any Easier To Qualify For Mortgage Loans?
Anyone who has been around in the last two to three years understands exactly what the market is going through. If you are a first time home buyer and you have had trouble getting mortgage loans to purchase that house, then you feel the pain of many others who are in the same boat. The real estate market is in a down time, as lenders just arent nearly as willing to give out mortgage loans as they used to. In the past, practically any person with a form of identification could go up to a bank and get a mortgage loan. That has changed, though. Now, lenders are being more careful with whom they lend and it doesnt look like this is changing anytime soon.
Because lenders were busy handing out loans to people who shouldnt have had them, there became a huge problem. The borrowers, who became known as sub prime home buyers, quickly became a larger risk than the bank had anticipated. Their past credit problems reared their ugly head and bit the banks squarely in the rear end. After a while, those mortgage loans which the bank was so excited to hand out had quickly turned into a foreclosure for people with less than...
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