If you are in the process of buying a home or refinancing your current mortgage, you may need to exercise a great deal of patience. Mortgage lenders have now become the gold standard in caution. Where once they would approve a monkey with a social security number, now you will have an easier time getting top secret clearance from the federal government. And why shouldn’t they? After all, it’s our money they are lending us, right? I am not saying that banks shouldn’t be careful and take necessary precautions before issuing mortgages. However, they have gone completely overboard in the opposite direction.When I first got into the mortgage business, long before there was any such thing as automated underwriting, there was a a standard that every one lived by. Banks, brokers and lenders would look at a mortgage application and ask: does it make sense? And if the answer was yes, then generally, the loan would be approved. If it did not, then it would be denied. Then came the housing boom. And when the question “Does it make Sense?” was asked, everyone said “Who Cares?” Now we have flopped over to the extreme opposite and when the question is asked “Does it make Sense?” The answer is “Even if it does, you probably won’t get approved anyway.” These are our banks, people. The ones we spent a trillion dollars bailing out which is why it stings a bit more.
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