Some (good) people are having trouble getting loans.
A June survey by Deloitte Research of people who attempted to secure various types of credit and mortgage products during the last year found both home buyers and homeowners discouraged by the housing market. Some of the findings:
* Of those who applied for a mortgage, 67 percent found it more difficult than they expected.
* Of those who considered refinancing an existing home, 70 percent were unable to complete the transaction or decided against it.
* Sellers were also reluctant to make a move with 69 percent saying they are unlikely to sell a home in the next year, given the current economic environment.
* Of respondents who currently have a mortgage, 91 percent said they made their mortgage payments either early or on time over the past year.
I am happy to say that my clients have not had too much trouble qualifying for loans or closing as scheduled, fortunately for them (and me).
Things are certainly unstable right now in the credit market, to overstate the obvious.
Source: Getting a Mortgage Perceived as “Difficult” – Deloitte Research by way of Realtor.org