Survey Shows Mortgage Standards Loosening, More Borrowers Approved
New custom home under construction by Nova Homes of South Florida, Naples, Florida
It's an excellent time to be buying a home or refinancing one -- current mortgage rates are still low and U.S. lenders are making it easier to get mortgage-approved.
Between October-December 2016, for the eleventh straight quarter, a greater number of mortgage lenders reduced their loan approval standards than those which increased them.
It points to why more mortgage loans are being approved than during any period in recent history. If you've been recently turned down for a mortgage, it's time to re-apply.
Lenders have armed themselves with better lending models and feel buoyed by the rising U.S. housing market. Banks are now making new concessions for borrowers with less-than-perfect credit; and for those with little or no home equity.
If you're worried about getting turned down for a mortgage, it can't hurt you to apply. You may be surprised at what you find out.
Nova Homes of South Florida is building custom homes throughout Southwest Florida. Whether you are looking for a city lot, waterfront, or acreage, Nova Homes will build your dream home at the best price you will find in the area. No one builds a better home at a better price. For more information call 239.307.6116 or visit www.novahomesbuilder.com.