Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Mortgage loans are easier to obtain

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July 27, 2005

Mortgage loans are easier to obtain

This is very interesting piece from Pittsburg Post Gazette. It talks about banks loosening the standards one must meet to obtain a loan.

The paper notice that in spite of huge run up in already sky-high home prices, with all available mortgage products that literally have fueled real estate market, even more "novel loan products" are introduced.

"But lenders are making it still easier for borrowers to qualify for a loan. They are lowering the credit scores needed to qualify for certain loans, increasing the debt loads borrowers can carry and easing the way for borrowers to get loans while providing little documentation. In some cases, lenders are easing standards not only for homeowners, but also for the growing number of people buying residential real estate as an investment."

And it is across the board - when one bank relaxes its regulations the others join not to be outdone, sometimes with slightly different programs.

Read the article, it is fascinating. One can only wonder what is next?

Posted in Mortgages at July 27, 2005 02:26 PM

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