Though the economy appears to be stabilizing, the market for financing remains tight.Some people are able to get mortgages without much trouble, but others find the process arduous, mystifying and prolonged. Then there are the buyers who think their
financing is secure, only to see it evaporate sometime between the signing of the contract and the closing table.“Is it a problem? Yes, it’s a problem,” said Dottie Herman, the president of Prudential Douglas Elliman. “When these things fall through, it’s not because people are destitute — they have good incomes. It’s because banks are very, very tough now.”Banks can be such sticklers that missing just one payment on a bill can result in a thumbs down. Change jobs and expect the microscope.
By Elizabeth A. Harris, March 11, 2010 NYT

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