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Seattle Bubble Forum Archive • View topic - are mortgages still too easy?

are mortgages still too easy?

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

are mortgages still too easy?

Postby sniglet » Wed Jul 30, 2008 4:54 am

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Re: are mortgages still too easy?

Postby mukoh » Wed Jul 30, 2008 9:21 am

Sniglet this is not a rule it is RARE, especially with Wells.

And that mortgage was in January. Since January every lender has tightened up weekly on their guidelines.

At this moment top lenders i.e. Chase, Wells, B of A, etc., are only going 3% DOWN, 3 Months reserves, full doc only.
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Re: are mortgages still too easy?

Postby sniglet » Wed Jul 30, 2008 9:29 am

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Re: are mortgages still too easy?

Postby mukoh » Wed Jul 30, 2008 10:27 am

Naa sniglet not yet. More like 1988 January 25th.
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Re: are mortgages still too easy?

Postby SeattleMoose » Sun Aug 03, 2008 9:10 am

My landlord is a Commercial RE broker and when I asked him if it was harder for people to get commercial loans "now" he said that since both commercial and residential use the same lenders, he is seeing a real tightening of credit and marginal developers that used to be able to obtain loans, can no longer do so. He told me he expects credit to continue to tighten.
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Re: are mortgages still too easy?

Postby sniglet » Sun Aug 03, 2008 5:17 pm

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Re: are mortgages still too easy?

Postby garth » Mon Aug 04, 2008 7:13 am

Until banks have to carry loans on their balance sheets again, I don't see how things revert back to 1987 standards.
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Re: are mortgages still too easy?

Postby Charles Dean » Fri Aug 22, 2008 9:59 am

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