Mortgage Business Changing Fast!

The mortgage guidelines have been changing rapidly over the last few months. We are seeing more escrows failing to close due to financing issues. Due in part to the subprime mortgage crisis, and the increase in foreclosures, the lenders are scrutinizing loans and buyer's qualifications. We're seeing them tighten their belts, and declining loan applications, or making them unaffordable with higher than average interest rates or higher mortgage insurance costs. It's no surprise to me, I could've told you that this was going to happen. Now it's back to the old days, when you had to have verifiable income, good credit scores, and money to put a down payment. The days are mostly over for 100% financing, stated income applications, and marginal credit scores. If you were pre-approved for financing a few months ago, you might want to contact your lender again to go over your loan options.