Will Mortgage Companies Keep Offering Low Doc Mortgages?
Tuesday October 21, 2008
Mortgage companies may be much tougher on low doc mortgage home loans due to the worldwide financial crisis. The credit sector is currently under a lot of scrutiny and has experienced some significant losses, largely due to less stringent home loan approval practices by some mortgage companies. This has meant that low doc mortgage home loans just do not look like good prospects.
Low doc mortgage home loans may still be offered, but mortgage companies may simply set standards that are too high for most individuals to meet. While Australian mortgage companies may not have been hit as hard by the credit crisis, due to tougher regulations that do not allow as much for extreme risk, they are still hurting and cannot afford a repeat of what has the led the world to its current economic woes.
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