In response to the financial crisis, many lenders are revisiting their application process and plan to make it much more difficult to actually get a loan. Many analysts are beginning to fear that an easy loan is definitely going to become a thing of the past, at least until the markets begin to improve. “The market is reinventing itself daily,” said Les Berman, owner of Beverly Hills, Calif.-based EB Financial and president of the California Association of Mortgage Brokers. “I did my first loan in 1971 and have never seen anything like this.”
This will mean some trouble for those with bad credit who were hoping to get an easy loan. “Credit is the gateway right now,” said Dan Green, a certified mortgage planning specialist and author of TheMortgageReports.com. “Weak credit is cost prohibitive.”
In order to combat this, experts agree that larger down payments or other methods of securing a loan are necessary if a consumer wants to get an easy loan. “If a customer is weak somewhere, he has to be stronger elsewhere to make up for it,” Green said. Many banks are now stepping up their due diligence process and customers are finding it very difficult to get an easy loan across the country.
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