Re: OT Any mortgage smarts people out there?

Posted by noncompos on August 11, 2007 at 08:52:50 from (67.42.238.248):

In Reply to: OT Any mortgage smarts people out there? posted by Dave H (MI) on August 11, 2007 at 07:33:15:

I've been away from the business for several years, but I'll hazard a few guesses---it's the pucker factor: all along the line people in the mortgage business are spooky, not knowing how far values and/or the market to resell loans and to repackage and again resell as securities will drop. Deals that were fine last week suddenly no longer qualify, and may not until the financial industries confidence is restored. That's why the Fed is pumping funny money into the system.
If you have to have this deal, do as much research as to lenders as you can before shopping around; some lenders count each turndown as a red flag (X turned this guy down; if they thought it was too risky why should I risk it??, etc etc). Good luck.

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