Why Can't I Get a Mortgage?
Tired of hearing mortgage lenders say "No?" It's a new era in mortgage lending, one that withholds mortgage loans from all but the most organized and qualified applicants.
In the '80s, rock band Van Halen had you singing that famous question, "Why can't this be love?" Today's question, which is yet to be harmonized with guitars and keyboards, is "Why can't I get my mortgage approved?"
Surprise, surprise
Since mortgage rates fell suddenly in early-January, the pace of mortgage applications has shown signs of strengthening. Unfortunately, that strengthening hasn't exactly translated into an increase in the number of loans being funded.
You would think that mortgage lenders would be happy to take on the extra business, given that they're generally struggling to be profitable. But prospective mortgage borrowers, even those with stable income and solid home equity, aren't exactly feeling welcome. That's because today's mortgage lenders are operating under a cloud of suspicion-they're terrified that every applicant is a risk">credit risk in disguise.
