Mortgage loan, a review

Their lending practices have become much stricter, as a result of the upheaval in the credit market this past year. So although there has been an increase in mortgage refinancing applications, many of those are being denied. Rates are at record lows, but lenders are now more risk averse. They are examining credit reports more closely and will only approve consumers with high credit scores. To secure mortgage refinancing, a consumer must have a higher credit score than was required for a loan for the same amount just a year ago.

06/30/09 17

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