Homeowners finding it harder to Refinance
Posted on February 8th, 2008 by Spokane Home Guy (509) 990-7653
According to this latest CNN Money Article - the rates are low but that doesn’t mean everybody’s a shoe-in for a refi. One mortgage lender claimed he’s turning away 60-75% of applicants because they cannot qualify.
Underwriters are being more strict on lending requirements because banks are having a tougher time selling the mortgages (or validating that the mortgage is a good investment) for the secondary markets.
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