Big brainstorm about loans
Unfortunately, a fair number of those who applied were denied. One mortgage lender in South Florida said that only about 5 of the 50 customers who called about refinancing recently qualified. Some homeowners that purchased in areas like South Florida that have experienced a decline in values are finding that they owe more on their mortgage loans than their homes are worth now. Banks will not approve homeowners who do not have enough equity. Lenders are requiring a higher percentage of equity in the home, a high credit score and a low debt to income ratio.