You may have read articles recently that mortgage rates have risen. Unfortunately, that is the case. Rates approached 6% on a 30 year fixed which is very high compared to what we have seen this year so far. Still historically low, these rates still put a damper on refinance activity, and many people who were waiting for rates at 4.5% or lower were left in the dust.
If you have applied for a mortgage in the past year, you know that documentation standards have gotten more and more stringent. Even the most credit-worthy borrowers with assets and equity in their home or high down payment are being scrutinized. Gone are the days of reduced documentation or "stated" income.
All borrowers must now provide a myriad of paperwork in order to qualify for a mortgage. Here is a summary of some of the ...
