You Can Still Get a Mortgage--It Just May Not Be Easy, or Cheap

http://www.cnbc.com/id/20388273 ^ | 8-24-07 | Jim Kingsland

[Hydroshock]

Until a few months ago, it seemed that anyone who could fog up a mirror could get a mortgage.

Now, with a credit crisis roiling the industry, some consumers might think they have a better chance winning the lottery than finding a home loan.

The truth is that you can still get a mortgage. It just may not be as easy--or as cheap--as it was over the past few years.

"If you have good credit, can document your income and have money for a downpayment, it’s largely business as usual," says Greg McBride, senior financial analyst at Bankrate.com.

Borrowers seeking non-"jumbo" mortgages of $417,000 or less and have good credit "will get the red carpet rolled out for them at the bank," McBride adds.

But if you are lacking in any of that criteria, or need to get a jumbo loan, be prepared to be turned down or pay a much higher rate.

"Tough Sledding"

"If you have poor credit, cannot document income, or looking for 100% financing -- it's tough sledding," says McBride.

Subprime loans for people with credit scores of 600 or less? Forget it. The standards have been tightened to the point that subprime mortgages, 20% of the mortgage market last year, are a thing of the past.

Also gone are a variety of products ranging from "no-money-down loans" with low teaser rates to interest-only mortgages that increase the amount owed to the lender over time.

[Eagles Talon IV]

I was alluding to restoring confidence in the market place in general and not in the junk mortgages that were being issued.

[luckystarmom]

You’ve nailed it. They are a really sweet couple, but a little naive.

I think a lot of young adults are naive. The young adults just had it very easy growing up, and they didn’t have to work for things. They are looking for easy ways to make money, but making money takes lots of hard work. There really isn’t an easy solution.

[TopoGigio]

Like the Amero? ;)

[TopoGigio]

You can? What LTV, with what score? Subprime with who?

[Aquamarine]

Like the Amero? ;)

No, the Mark, the one that comes after the Amero fails too.

[TopoGigio]

The Mark?............of the beast?

[Aquamarine]

Who else?

Just don't take it!

[TopoGigio]

If that ever did happen, and you refuse to take it, what happens to you?

[Aquamarine]

Revelation 14
Rev 14;11 And the smoke of their torment ascendeth up for ever and ever: and they have no rest day nor night, who worship the beast and his image, and whosoever receiveth the mark of his name.

Rev 14:12 Here is the patience of the saints: here [are] they that keep the commandments of God, and the faith of Jesus.

Revelation 20
Rev 20:4 ¶ And I saw thrones, and they sat upon them, and judgment was given unto them: and [I saw] the souls of them that were beheaded for the witness of Jesus, and for the word of God, and which had not worshipped the beast, neither his image, neither had received [his] mark upon their foreheads, or in their hands; and they lived and reigned with Christ a thousand years.