Local Bankers: Getting A Mortgage Becoming Easier
Credit, down payments, paperwork still components of obtaining a loan.
Getting a home mortgage loan today is easier than it was at the height of the housing financial crisis, according to area bankers. But would-be borrowers with low credit scores, high credit card debt and less than the traditional 20 percent down payment for a home purchase might still find it tough to get a loan. In a way, that isn’t so different than before the infamous housing bubble collided with less than traditional lending practices, making our economy go bust and shaking faith in the lending system. Bankers are still dealing with the fallout, especially the perception that mortgage funding just isn’t available. “Home mortgage lending never stopped during this crisis. And it isn’t stopped today. It did slow down. It did shift,” said …
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