New Expectations in the Mortgage Market
Posted by Carey Frankel on
The vacillation of the stock market is being seen in the mortgage market in their rates, terms and timing.
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You've probably heard that lenders have been strengthening their guidelines requiring higher credit scores for the best rates and/or bigger down payments from borrowers.
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You might of heard that lender are changing their programs more regularly. But have you heard of buyers going to the closing table and the lender no longer keeping to the terms that were offered? I am being told that it is happening.
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In addition, I am just being told that the rates the lenders are charging can change up to 4 times a day! So if your mortgage broker calls you with a great rate and you don't lock in ... you can pretty much be assured that the…
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