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Credit is Tight!

Credit is Tight!
Credit is tight, even for Former Federal Reserve Chairman Ben Bernanke!
Low interest rates should mean that opportunity is in abundance for the real estate industry. However, if you can't qualify for a mortgage, even the lowest rates don't help you if you want to finance or refinance your home.
This point became significant when the news was announced that even the former Federal Reserve Chairman, Ben Bernanke, was turned down when he went to refinance his home. Mr. Bernanke was at a conference and shared with moderator Mark Zandi of Moody's Analytics that he, "recently tried to refinance my mortgage and I was unsuccessful in doing so."
He then went on to say that lenders, "may have gone a bit too far on mortgage credit conditions."
Although the point was made that perhaps a deal could be found elsewhere, that wasn't really the point. The point is if a former Federal Reserve Chairman can't refinance his home, what does that mean to the average homeowner?
While some say that credit is easing, the proof is not in the number of approvals but in the number of disapprovals. There were a greater number of people with ... more

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