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The Effects of a Bad Mortgage Market
Mortgage and Home Loans - It's hard to avoid negative news about the mortgage lending business. The growth of foreclosures have several sub-prime lenders are closing shop, and fortunes could be lost as mortgage-backed securities have gone up in smoke. How will these trends impact someone who's trying to buy or sell a home?
The first thing to understand is that lenders are moving back to basics. No- and very low-down-payment mortgages are available only to buyers with high credit scores. This means no more 100 percent and 95 percent mortgages for subprime borrowers.
Lenders are also backing away from low-documentation and stated-income mortgages. Many lenders now require buyers to have a cash down payment, good credit and the ability to verify income.
Hipotecas Prestamos September 4, 2007 06:11 PM
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