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The Battle for a MortgageAS homeowners across the country have dealt with the declining values of their houses and their ballooning mortgage payments, most New Yorkers seem to believe that the market here doesn't play by the same rules.But in recent weeks, a growing number of New Yorkers, often with six-figure salaries and reasonably good credit, have begun to find that mortgages are harder to get as lenders try to stem losses from loans to the weakest, or subprime, borrowers. While mortgage brokers insist that most buyers in New York can still close deals, they also warn that people with any red flags on their mortgage applications will face delays and will pay higher fees. Potential problems include low credit scores or high credit-card balances or listing a suspiciously high salary for a given job. "You're going to pay the piper for any little mistake," said Melissa Cohn, the president of Manhattan Mortgage Inc. She said her brokers - who last year arranged more than $3 billion in mortgages, mainly in New York City - were spending twice as much time on each application as they did a month ago because of new lending requirements, and she expects the situation only to get worse. click here for complete article Property owners needing to sell their home, condo or building lot visit 888SOLDin9 to talk with our Jacksonville FL 888soldin9 partner about their personal financial situation. Our Jacksonville FL partner, Jim Tallent buys, sells, renovates and rents homes and properties in Jacksonville FL, Duval County FL and Northeast Florida. |