Lenders Rejecting Mortgage Applications Due to Soaring Costs
According to a report by Bloomberg News, many more individuals have had their mortgage applications denied in recent months than ever before.
“The biggest thing people are suffering from is the cost to manufacture a loan,” explained Clem Ziroli, president of First Mortgage Corp. in Ontario, California. “If you have a high credit score, it’s easier. For deserving borrowers with lower scores, the cost for mistakes is prohibitive and is causing lenders to not want to make those loans.”
Image via flickr/Sean MacEntee