May
15

Are Lenders Loosening Strings for Spring?

May 15, 2012

It takes a very strong FICO score to be approved for a mortgageWhile the energy of economic recovery is in the air and many are looking forward to the spring season for

buying a house, there are still serious concerns about how much lenders are going to affect the budding recovery. Equifax real estate expert Steve Cook looks to the current set of lender circumstances to forecast changes in lenders’ stance in the new article, “

Are Lenders Loosening Up on Those Buying a House?

Unfortunately, things aren’t looking up now. That is because the process is still very stringent and requires a very high credit score, proof of income, cash in the bank and lots of paperwork proof of finances. In addition, the rate of rejected mortgage applications is rising. In 2009, the rate was 23.5 percent, while in 2012 the rate jumped to 26.8 percent. This all spells a rough time, especially for

first time homebuyers, who often have less of a credit history and may have had fewer options to build up their cash reserves.

As we approach the heart of the spring buying season, it is quite possible that the measures taken to protect banks, investors and borrowers during the housing crisis may need to go. After all, many parts of nature take drastic preservation methods for winter, but when spring arrives, a different set of behaviors rise to ensure health and growth. Is it time for banks and the government to take that to heart and help the housing market grow?

For more information on current lending situations as well as great information on credit, taxes,

retirement and insurance, be sure to check the Equifax Finance Blog.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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