New and tougher underwriting policies are on the rise in markets where the trend is for declining property values. The banks, in order to avoid future over-leveraged properties (via continually decreasing values) and maintain a reasonable equity position in the loan to value (to protect themselves)n have identified many geographical areas as "Soft Markets" and will require either MORE down payment on PURCHASE or on a REFI, you may be out of luck, outside of lender guidelines or even "upside down" on your mortgage. If it's Money Down, Upside Down, or Goose Down Pillows...Soft Markets are on the rise. One more reason to TAKE ACTION NOW on any refinancing and to sock away more money. I'm here to help and advise. Don't get left down and out. Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/Friday, January 11, 2008
Soft Market Policies: More challenges for loans
New and tougher underwriting policies are on the rise in markets where the trend is for declining property values. The banks, in order to avoid future over-leveraged properties (via continually decreasing values) and maintain a reasonable equity position in the loan to value (to protect themselves)n have identified many geographical areas as "Soft Markets" and will require either MORE down payment on PURCHASE or on a REFI, you may be out of luck, outside of lender guidelines or even "upside down" on your mortgage. If it's Money Down, Upside Down, or Goose Down Pillows...Soft Markets are on the rise. One more reason to TAKE ACTION NOW on any refinancing and to sock away more money. I'm here to help and advise. Don't get left down and out. Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/
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