how might the economic crisis impact my ability to qualify for a mortgage? how might it impact that mortgage?
by Mortgage Rates on Wednesday, November 24th, 2010 | 2 Comments
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I think the biggest thing is now you will actually need to have decent credit and will only be allowed to purchase a house you logically could afford.
Before the crisis 70% of applicants were approved, now less than 50% are. I would think the major concern would be about your ability to repay and people that are stretching their budgets are turned down and no money down loans are a thing of the past
After you get the loan it may be sold or transferred from bank to bank as banks fail, merge and sell off assets but that will not effect you unless you want to renegotiate terms. It is always easier dealing with the bank that gave you the original loan.