Sunday, September 30, 2012

Article from the LA Times: Interest rates are low, but it is still hard to get a mortgage

Getting a mortgage isn't easy these days, and here's an article from today's L.A. Times to tell you why.  The subheading is

Lenders' underwriting standards appear to be tightening even further in some key areas, and the time to close a loan is getting longer.

Oh, great, right? Even our company's owner mentioned this recently as he is trying to buy a new home.  My take: there are lots of moving parts with mortgage lending, and the industry is still scared of a repeat of 2007-2008.  Which is probably exactly what they'll have unless they keep standards pretty tight.

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