The Real Estate Journal (a subsidiary of the Wall Street Journal Online), reported this week that tightening standards in lending may worsen the housing slump being felt in much of the country.

 

In the wake of the recent controversy surrounding the sub-prime lending market, more lenders in Ringwood are being forced to raise interest rates and stick with loans that are considered less risky than mortgages that were being offered previously.  It is no longer those with the weakest credit records who are feeling the sting of the tightening standards when it comes to credit, documented income, and down payment ability.

 

Read the full article here to learn how this trend may affect you if you are in the market for a mortgage.

 

If you are in the market for a mortgage in Ringwood, Wanaque, or West Milford NJ, I am glad to refer you to a reputable, knowledgeable and competitive mortgage lender who will take the time to explain your loan options to you. This will allow you to make an educated decision about which home loan is best for you considering the current market conditions. Just give me a call at 973-945-1070 or visit my website. I'm here to help.